Tax Matters Partner

[S T]

What happens if the wrong partner signs the Partnership return as Tax Matters Partner?

Sandy

[BHoffman]

What happens if the wrong partner signs the Partnership return as Tax Matters Partner?

Sandy

Hi Sandy -

Nothing, unless the tax return is audited and the signing TMP doesn't want the job. If that happens, then I think the IRS is pretty lenient about the TMP who will rep the partnership as long as he or she meets the qualifications.

The TMP designation lasts for one tax year unless the partnership agreement states otherwise. So, as long as the partner who signed as TMP is eligible then there's nothing exactly wrong with him/her signing.

Here's a link:

http://www.taxalmanac.org/index.php/Treasury_Regulations%2C_Subchapter_F%2C_Sec._301.6231%28a%29%287%29-1

[S T]

Many Thanks

Thanks B,

Sandy