The New Section 7216 Regulations – What Every Tax Professional Must Know About Protecting Taxpayer Information
Overview:
In an effort to improve privacy protections, Congress passed Section 7216 which governs how tax return preparers may utilize and disclose confidential taxpayer information. The Treasury Department and the IRS recently issued new final regulations under Section 72216 that went into effect on January 1, 2009. These new regulations will have a broad impact on the use of consumerAgenda:
- Introduction
- Section 7216 enacted in the 1970s
- Regulations were written to protect taxpayers in the 1970s
- The world has changed considerably since then
- Ways of doing business have changed considerably
- Electronic commerce has emerged
- The regulations need to reflect the current business environment
- The Statute
- Its history
- Application to preparers
- Prohibitions
- Criminal penalties
- The Regulations
- Definitions
- Permitted exceptions
- Additional exceptions
- Disclosures overseas
- Manner and form for obtaining consent to disclose or use tax return information
- Reasons for Revising Regulations
- Reflect and address modern tax preparation business models
- Include e-file providers in definition of tax return preparer
- Update taxpayer consent rules
- Enable taxpayers to control their own tax return information
- Protect taxpayers with limited financial literacy
- General Rule And Definitions
- The Prohibition On The Disclosure Or Use Of Tax Return Information By
Tax Return Preparers
- For A Purpose Other Than Preparing A Tax Return
- Relationship With Gramm-Leach-Bliley Act
- Tax Return
- Tax Return Preparer
- Tax Return Information
- Use Of Tax Return Information
- Disclosure Of Tax Return Information
- Hyperlinks
- Request For Consent
- 7701(A)(36) – Definition Of Return Preparer Definition
- Disclosures Without Consent
- Disclosure Pursuant To Other Tax Code Provisions
- Disclosure To The Irs
- Updating Return Preparation Software
- Disclosures Within The Same Firm Within The U.S
- Information Received Outside Of The U.S
- Disclosure To Other Tax Return Preparers (Different Firm)
- Preparer-To-Preparer Disclosures
- Substantive Determinations Or Advice Affecting Tax Liability
- Disclosures To Contractors
- Disclosures With Respect To Related Taxpayers
- Compelled Disclosures –Order Of A Court, Administrative Order, Summons, Subpoena
- Disclosures For The Use In Securing Legal Advice, Treasury Investigations
And Court Proceedings
- Disclosures By Attorneys And Acountants
- Disclosures By Corporate Fiduciaries
- Disclosures To A Taxpayer’S Fiduciary
- Disclosures For State, Local And Foreign Tax Obligations
- Payment For Tax Preparation Services
- Retention Of Records
- Lists For Solicitation
- Statistical Information
- Quality Or Peer Reviews
- Disclosure To Report The Commission Of A Crime
- Disclosure Due To A Return Preparers Incapacity Or Death
- 7623 – Whistleblower Rules
- Disclosuires With Consent
- General Rule
- Taxpayer Consent
- Consent As A Condition To Tax Return Preparation Services
- Form Of Consent
- Name Of Taxpayer And Preparer
- Identification Of Intended Purpose Or Use
- Return Information
- Disclosure Outside Of The U.S.
- Individual Tax Returns (Form 1040) Versus All Other Returns
- Limitations On Consent
- No Retroactive Consent
- No Request For Consent After Return Has Been Prepared For Signature
- No Request For Consent After An Unsuccessful Request
- Presumed One-Year Consent Period
- Special Rules
- Multiple Consents – Disclosures V. Uses
- Disclosure Of Entire Return
- Copy Of Consent To Taxpayer
- July 2008 Temporary Regulations For Overseas Disclosures (-3T)
- Background
- Treasury Explanation
- Temporary Regulations
- 6694 – Return Preparer Standards
Who Should Attend:
- Tax Preparers - CPA's - Tax AttorneysAs Director, Electronic Tax Administration and Refundable Credits, David Williams is leading the effort to redefine the IRS’s approach to …
Mr. Dolan is the Practice, Procedure & Administration Group’s National Director of IRS Policies and Dispute Resolution. He works with …
Phillip A. Pillar's practice concentrates on representing and advising clients in federal, state and international tax issues before tax authorities …
Mr. Kim is a partner in the Washington, D.C. office of Latham & Watkins, where he practices tax law with …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
083796
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Internal Revenue Service
Website: https://www.irs.gov/
About KPMG
Website: https://www.kpmg.com/
About Greenberg Traurig, LLP
Website: https://www.gtlaw.com/
About Latham & Watkins LLP
Website: https://www.lw.com/