Partnership Tax Representative

I have been approached by a few investment partnerships to become their partnership tax representative. What are the risks with taking this position? Has anyone ever been the PTR during an audit? How much time did this take up? I am trying to figure out how many of these clients I should take.

Thanks so much!

Lawyers and liability insurers say we should never do this.
I don't think any one has done it yet since it's a new thing. I don't believe any audits have commenced yet.

Lawyers and liability insurers say we should never do this [ . . .]

I would agree that having the tax practitioner be named as the Partnership Representative would generally be a very bad idea.

I don't think any one has done it yet since it's a new thing. I don't believe any audits have commenced yet.

IRS audits of 2018 Form 1065 returns are under way. Our firm received a notice of one in early August. That one is now on its way to the IRS Independent Office of Appeals.

A few days ago, we learned that another client is going to be audited on a 2018 Form 1065 that we prepared. The IRS Revenue Agent has not yet sent any written correspondence or request on this one.

LW25 I would find it surprising that the IRS would issue CPs for 2018 this early, and more surprising that they would issue audit notices that quickly. Maybe they finally have the partnership IRS audit staff ready.