More Facts Resolve Tax Risks –

Interact with Financial Institutions –

INVOLVE THE RELEVANT financial institution right from the start. They must be made aware, up front, that they are to advise the taxpayer of any IRS queries they receive and that any documentation and/or information they intend to furnish in response thereto must be reviewed and approved by the taxpayer before it is submitted.

Before the financial institution answers any queries, it is essential that the taxpayer receive all the records in the financial institution’s possession pertaining to the transaction.

The financial institution may not see the relevance in providing the taxpayer with everything, but tax attorneys will know what is crucial to the case and what is detrimental, and it may be that certain documentation which is damaging is in fact completely irrelevant to the ultimate transaction and so should not be furnished to the IRS.

In some cases the records are stored offshore. In these circumstances it is important to insist that copies of everything are received so that the taxpayer is not put in the predicament when IRS raises a query that the records are not available.

In accordance with Circular 230 Disclosure