I'm aware of Consent forms needed from each client to release tax return information. Does this extend to names and addresses only? i.e. Could a preparer sell his/her client list only - but not the actual files or tax data without getting the disclosure?
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why
Good question, but why are you reluctant to give prior tax info if you're selling your practice? Just to avoid the disclosure? -
Exploring options
Just exploring different options. One is to get all disclosures possible, but wondering if it is OK to give buyer names & addresses of those who don't sign disclosure. Results could affect value.Comment
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It is
a good question, my guess is you have to inform all clients of the sale. Tell them they can pick up any of the information you have of theirs and if not picked up it will be turned over to buyer??? Rules are tough in my business there is usually a merger then a sale.
Any other ideas.Comment
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You need to read
the regs on disclosure requirements. There is something sticking in the back of my mind that there is an exeption to this if the entire business is sold. Maybe you just have to notify the clients this is going on and dont have to get their signatures. That would be totally unreasonable to have to get the clients to sign.AJ, EAComment
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That sounds right. I know in the past when we purchased other practicies we were required to send a letter out explaining what was going on and if anyone objected to us haveing their information to let us know.Comment
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Take a look at §301.7216–2(m):Comment
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