----- Original Message -----From: Mel WolfsonSent: 12/04/2008 5:08 PMSubject: RE: [taxchat] 7216
There was probably an update that I had applied and which you hadn't when you first looked for the letter. I don't deal with RALs and based upon what's happening in NYS, I'm glad I don't. In addition to the Federal signoff, NYS has a form of its own that the client must sign. In fact their are two versions, one for NYC and another for the rest of the state which contains virtually the same if not the identical language.Mel
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Donna J. Perrone
Sent: Thursday, December 04, 2008 9:20 AM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216
This is weird, Mel. I searched under Consent to Disclose yesterday and there was no such form. I looked under every one of the bank product forms and nothing. Today....there it is. Go figure.Donna J. Perrone, EAEast Haven, CT203-469-4939203-468-2038 faxIRS 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.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Mel Wolfson
Sent: Wednesday, December 03, 2008 11:09 PM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216Sorry about that. Its not the last form on the list but the one about seven up from the end entitled "Consent to Disclose". Attached is a screen capture in which the form I uploaded is selected.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Donna J. Perrone
Sent: Wednesday, December 03, 2008 7:10 PM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216
That RAL disclosure doesn't look anything like the one you uploaded.Donna J. Perrone, EAEast Haven, CT203-469-4939203-468-2038 faxIRS 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.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Mel Wolfson
Sent: Wednesday, December 03, 2008 6:56 PM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216In the 2008 tax year 1040 program, the very last form in the Forms Menu (press F6 and scroll to the end of the list).I did notice one thing that I got wrong in an earlier post. You must get the client's signature on the disclosure form before you present the return to the client for signature. What I can't figure out is how this would apply in the case of someone selling insurance or securities. I think they want you to get disclosure authorization if there is any possibility that you might make use of tax return information at some future date for the purpose of selling another product or if there is any possibility of disclosing taxpayer info to a third party. I wish that someone would provide some plain English examples of disclosure scenarios and disclosure language.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Donna J. Perrone
Sent: Wednesday, December 03, 2008 5:40 PM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216
Mel, where did you find this form? I can't seem to locate it.Donna J. Perrone, EAEast Haven, CT203-469-4939203-468-2038 faxIRS 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.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Mel Wolfson
Sent: Wednesday, December 03, 2008 3:35 PM
To: taxchat@yahoogroups.com
Subject: RE: [taxchat] 7216Pro Series does have an SBBT disclosure form which I've attached. If this is the only "other" use of tax information, it's probably sufficient. However, if you sell securities, life insurance or do financial planning engagements, you'd have to get client authorization for that use as well.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of bobva@aol.com
Sent: Wednesday, December 03, 2008 3:04 PM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] 7216
Drake has included the form to comply with IRS reg 7216 as part of the software this year. It has to be printed and signed before starting on the tax return. I went to a Drake update seminar and there is very specific language that has to be included on the Use and Disclosure form. As soon as I load the software I'll scan and post a copy.In a message dated 12/3/2008 2:46:03 P.M. Eastern Standard Time, mwolfso@optonline.net writes:
Form 7216? Or is it Sec 7216 of the IRC? If there is such a form, perhaps you can scan and post a copy. My understanding is that you need to get the disclosure release signed prior to working on the tax return.
From: taxchat@yahoogroups.com [mailto:taxchat@ yahoogroups. com] On Behalf Of James Ries EA
Sent: Wednesday, December 03, 2008 12:51 PM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] 7216
I think this new law starting Jan 1, has not been widely publicized among tax preparer. It is important since it is a criminal law with a maximum penalty of up to one year impresonment and/or fine of up to $1000 PLUS a civil penalty.You can not use tax return information for any purpose other than the preparation and filing of the return and/or disclose tax information to any 3rd party without written permission from the taxpayer.According to SBBT you need prior written authorization to offer bank products on Form 7216 (permission to use). This authorization is need before the return is completed. Once you have permission you can use the refund information and offer the option of bank products. If the client agrees to a bank product you need to have them sign a Form 7216 (permission to disclose) to be able to disclose tax information to the bank so they can do what they need to do. This must be done before the return is transmitted.However this also applies to any services you offer other than tax preparation. If a client come in financial or retirement planning, you need their written permission if you are going to look at their tax information. This applies to anything not related to the preparation and filing fo their return.You also need their written permission to disclose information to 3rd parties. This permission need very specific language. No more generic premission form from banks and attorneys.I hope they come with more clarification on the details.James Ries EA
Enrolled to Represent Taxpayers before the Internal Revenue Service
Confidentiality Notice: This e-mail, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.
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.----- Original Message -----From: Donna J. PerroneSent: Tuesday, December 02, 2008 4:28 PMSubject: [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, EAEast Haven, CT203-469-4939203-468-2038 faxIRS 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.
President
Ways & Means, Inc.
845-562-6070
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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