RE: [taxchat] 7216

This is the link to Rev Proc 2008-35 where the IRS details the new requirements. As I understand it, you have to get written consent from the client before you do anything else. It also applies to situations where you might be using tax return information as part of a financial planning engagement or offering to sell securities or insurance. Frankly, I haven't seen a plain English version of this requirement and the Rev Proc is not very clear  to me in some respects.

 

http://www.irs.gov/irb/2008-29_IRB/ar13.html#d0e1452

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From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Donna J. Perrone
Sent: Tuesday, December 02, 2008 5:29 PM
To: 'TaxTalk Listserv Members'; taxchat@yahoogroups.com
Subject: [taxchat] 7216

I have been reading that we have to have our clients sign a form allowing for disclousure of their tax information.  I offer bank products thru SBBT and they state that there will be 2 forms the clients must sign, one to release info to the banks and another for something else.

 

It almost sounded like we have to have ALL clients sign this new disclousure form, whether or not they use bank products. Plus, a copy of that signed document must be kept in our files, either stored electronically or on paper.

 

Has anybody read anything about this or know what they are talking about?

 

 

 

Donna J. Perrone, EA

East Haven, CT

203-469-4939

203-468-2038 fax

 

 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

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IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.

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