Rev. Proc. 2008-35 Disclosure and Use Consents

It's been a long time since I've written to the group (pre-Google!).

As I'm getting in the thick of tax return preparation, I'm finding an awful lot of circumstances where it appears I need to apply this Rev. Proc. Here are some: (1) A child over age 18 needs tax return information of the parent to properly complete Form 8615. Do the parents need to consent to the use and disclosure of this information to the child? (2) The parents of the child want to receive the child's tax return on her behalf. Does the child need to consent to the use and disclosure of this to the parents? (3) An elderly client has given me a copy of a financial power of attorney that names a child to do all financial dealings on behalf of the client. Do I nonetheless need to get the client to sign use and disclosure consents to be able to discuss/release tax information to the child? (4) A gay couple want me to do their tax returns; one of them does most of the financial dealings for the couple. I believe that if I hand their tax returns back together, each of them will need to sign consents to permit me to disclose one's tax return information to the other, even when both are in the same conference room with me. (4) From my knowledge of clients, I think that two of them would benefit from meeting each other. Do I need to obtain use and disclosure consents from each of them allowing release of contact information to the other? How is that accomplished, since I can't disclose the contact information of the other until I've received his use and disclosure consents (and vice versa)? What is the impact of having networking mixers for clients? (5) It appears that a business client would benefit from setting up a qualified retirement plan. Do I need to obtain a use consent to use her tax return information to figure out the best retirement plan options? And use and disclosure consents to introduce the client to a vendor? And another set of consents to discuss the specifics (Roth vs traditional 401(k), for example) with the vendor after the client has established a relationship? This Rev. Proc. reminds me of the FTC gyrations we had to go through a few years ago when CPAs were labeled "financial" professionals.

Tom Healy

Reply to
Tom Healy CPA
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Welcome back, Tom.

No, but the child would then request the IRS to send the necessary parent information,.

See the procedure described at page 11 third column of

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See page 4 of Pub 929

I would think yes.

Yes, but applies to any unmarried couple.

Makes me nervous.

Why not just give client a business card of a financial advisor, attorney, etc?

Reply to
Arthur Kamlet

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Reply to
Tom Healy CPA

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