Jun 27, 2008

Your Personal Information And The IRS

Internal Revenue Service privacy rules are generally pretty specific. Those rules prohibit disclosure of your personal tax return information to anyone other than you unless you have authorized the release of this information or have given written approval for a Power of Attorney to act on your behalf. This disclosure includes sharing of information with one of your children, your lawyer, a mortgage company, or anyone else.
This is a strict law and was enacted to protect your privacy and prohibit any unauthorized use of your personal tax information. If you decide to have someone to represent you in a Power of Attorney capacity, this is normally done by completing Form 2848, Power of Attorney and Declaration of Representative. If using this form, the authorization should be specific as to tax information, applicable years, who the information will be disclosed to, who is disclosing the information, and must be signed by you. A general authorization to disclose financial information may not be specific enough, so be sure to spell out the exact tax information to be released.
Be aware that once you grant written authority for someone to receive your confidential tax information, that they will use the information only for the purpose needed. Also, the authority you grant through the use of Form 2848 remains valid until you revoke it in writing. For more details, visit the IRS at www.irs.gov.

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