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    New Disclosure Question

    Client come in and says my mortgage company needs verification that you did my return this year and have done so for so many years and that I file a Schedule C on that return.

    In the past the client gave me written permission to do this. No problem.

    What about now with the new disclosure/use regulations?
    Jiggers, EA

    #2
    I don't write those period. But I'd say get a disclosure, especially if you are sending it directly to the mortgage co. And check with your E&O provider as to verbage.

    Comment


      #3
      Joanmcq gave good advice. I am still using my letter which follows and am requiring the new written disclosure from the client before I send this letter:


      I prepared individual income tax returns for [client name] for the past [ ] years based upon information given to me by [client name]. The returns that I prepared contain a Schedule C and Schedule SE, Self-employment tax computation.

      My services to [client name] were and remain limited to the preparation of individual Federal and [state name] income tax returns from information provided to me by the client. I have not reviewed, audited, or otherwise attempted to verify any of the information given to me by [client name]. Consequently, I cannot confirm its accuracy or completeness. You should perform your own independent procedures and tests as you deem necessary for approval of credit.

      Sincerely,
      xxxxxxxxxxxxxxxx
      Enrolled Agent
      http://www.viagrabelgiquefr.com/

      Comment


        #4
        I would prepare such a letter and give it to the client, he can do with it as he pleases. If the bank wants it directly from me, I decline due to the elevated enforcement of privacy laws. Time to train the lenders in the new way of doing business.
        "A man that holds a cat by the tail learns something he can learn no other way." - Mark Twain

        Comment


          #5
          verification

          Originally posted by Jiggers View Post
          Client come in and says my mortgage company needs verification that you did my return this year and have done so for so many years and that I file a Schedule C on that return.

          In the past the client gave me written permission to do this. No problem.

          What about now with the new disclosure/use regulations?
          In the past I've heard a mortgage company wanted something in writing like this,
          but I said to hell with them. All they have to do is look at page 2 of the 1040 to see who
          I am, and then at the schedule c contained within the return. Asking for something like
          this is the height of stupidity. And really all we would be saying is that we prepared the
          return with a schedule c and not that client actually filed the return.
          ChEAr$,
          Harlan Lunsford, EA n LA

          Comment

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