Selling Business - Files ???

[PIGLEE]

I am in the process of selling my business. My question is what happens to my files. I have been told the new buyer gets all the files at once. I have also been told that I can only give them to the new ower after the client signs a release. I am an EA, and I have a privacy policy with each return. I know I have to keep files for a period of time. I have tried to call NAEA, but whenever I call them they are closed. Thought I would see if anyone on this forum knows the answer, or has been thru this.

Thanks

[Roland Slugg]

Privacy/confidentiality laws allow for the transfer of a business to another. The buy/sell agreement should contain a clause/section addressing the continuation of client privacy/confidentiality.

Having said this, it would still be prudent of you to consult with an attorney, qualified to advise you on such matters, so see if there are any specific laws or requirements imposed by your state.