Tax Matters Partner

About Tax Matters Partner:

Tax Matters Partner (TMP) is the partner who handles a partnership's tax matters for a specific year. The TMP can:

1. extend the time during which the U.S. Internal Revenue Service can assess tax for all partners based on partnership items, 2. choose where judicial review of adjustments to partnership items will take place, and.

3. enter into a binding agreement for the partners who are not entitled to receive a notice of administrative proceedings.