7216: This tax season, it’s the loneliest number
Who has questions about Section 7216?
Take a number. This addition to the Internal Revenue Code -- which, according to the AICPA, "generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent" -- has been causing confusion among tax preparers for some time now.
Luckily, help is available.
We outlined some helpful Section 7216 resources in an earlier post about 2009's legislative priorities. Since then, more resources have surfaced, courtesy of the intrepid folks at the American Institute of CPAs. So we thought we'd compile all of our Section 7216 resources into one, comprehensive post.
Of course, further guidance could quickly render this post obsolete. But we'll cross that bridge when we come to it.
For now, here's what we know about Section 7216. Study up.
- Summary of Section 7216, from the Tax Advisor
- The latest in implementing Section 7216, an AICPA Tax Section e-alert
- AICPA video summary
- Article on new disclosure regulations
- IRS aids for preparing Section 7216 forms
- FAQs from the IRS
- AICPA Tax Section practice guide
- Video: AICPA President Barry Melancon examines Section 7216
- New IRS Reg. 7216 worries, confuses CPAs. but help is on the way (from Rick Telberg)
What's the biggest obstacle you've encountered so far this tax season?