tax matters partner

Definition

The designated person in a partnership who receives tax notifications from the Internal Revenue Service, has the authority to enter into tax agreements on the behalf of the partnership and is responsible for keeping all partners informed of any applicable tax issues. This person is either a designated general partner or the general partner with the largest ownership share.

Use tax matters partner in a sentence

You should try to make sure that you know who you need to file as a tax matters partner before you fill it out.

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The tax matters partner had worked previously as an accountant so he was skilled and knowledgeable in handling the tax matters.

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Ricky and Bobby are partners in a new business venture. As a former accountant, Ricky and Bobby decided that Ricky should be the Tax Matters Partner. They both felt that it made more sense for Ricky, with his knowledge of accounting, to be the point person for interacting with the IRS.

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