tax matters partner

tax matters partner
USA
The tax matters partner of a partnership (or LLC that is classified as a partnership for US federal income tax purposes) represents the partnership (or LLC) before the IRS in all tax matters for a specific taxable year and is responsible for many of the partnership's (or LLC's) tax matters (such as preparing and filing tax returns, providing tax information to the partners (or members) and managing any audit process or investigation). IRC § 6231(a)(7) and the regulations under this specify who can be designated as a tax matters partner and, in the absence of a designation by the partnership (or LLC), the default rules for determining who is the tax matters partner. The partnership (or LLC) agreement may grant additional powers to the tax matters partner (such as making tax elections on behalf of the partnership (or LLC)).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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