Partnership Representative for IRS - 1065, page 3 - club_cafe - bivio Investment Clubs

Partnership Representative for IRS - 1065, page 3

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I believe Ira's explanation needs clarification. For clubs that opt out, the IRS will audit the partnership and then provide a schedule of each partner's share the partnership audit adjustments. The IRS can't make any adjustments to a partner's tax return without first auditing the partnership.

On Wednesday, February 19, 2020 ira smilovitz via bivio.com <club_cafe@bivio.com> wrote:

There is no partnership representative for clubs that have opted out of the Centralized Partnership Audit Regime. If the IRS wants to audit an "opt-out" club, it must do so by auditing the personal returns of each of the partners.

Ira Smilovitz, EA

On Wed, Feb 19, 2020 at 8:37 AM Scott Freeman via bivio.com <user*1595500001@bivio.com> wrote:

Does the 1065 (page 3) need to have a partner designated as
a representative for the IRS if the return has opted out of
the centralized partnership audit regime?

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