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Different POAs and Why We Might Request Them

by Rosemary Shamoon | Jan 26, 2022 | Tax

A power of attorney, or POA, is a legal document that gives another person the authority to make decisions on their behalf. POAs come in different forms, each suited for a specific purpose. Here we will look at 3 different types of POAs and explain why you may receive a request for one.

POA 8821

  • POA 8821 authorizes any individual, corporation, firm, organization, or partnership you designate to inspect and/or receive your confidential information verbally or in writing for the type of tax and the years or periods listed on the form, or to delete or revoke prior tax information authorizations.
  • There are many instances where filing Form 8821 is best for a client’s case such as for receiving IRS notices. If Form 8821 is filed, any IRS notices will be sent to the client as well as to their POA. The POA will usually get the notices a day or more before the client, which will give them a head start on working with them to resolve their IRS issue. This can be helpful for clients who aren’t great about taking care of their notices. 
  • Form 8821 automatically expires, unlike Form 2848 which requires a manual cancellation. This makes it particularly useful for basic tasks like requesting the client’s tax information that doesn’t require full representation.
  • You can submit Form 8821 online here: https://www.irs.gov/tax-professionals/submit-power-of-attorney-and-tax-information-authorizations

POA 2848

  • Use Form 2848  Power of Attorney and Declaration of Representative to authorize an individual to represent you before the IRS.
  • The individual you authorize must be eligible to practice before the IRS.
  • Specific acts can be authorized on Form 2848 such as representing a client, requesting information (transcripts). Specific forms and periods must be listed and must be revoked.
  • You can find Form 2848 here: https://www.irs.gov/pub/irs-pdf/f2848.pdf

POA 151

  • Use this form to authorize the Michigan Department of Treasury to communicate with a named individual or entity acting on your behalf.
  • Also use this form to designate a representative to receive copies of correspondence regarding a particular tax dispute (other than City Income Tax).
  • You can find Michigan From 151 here: https://www.michigan.gov/documents/taxes/151_06-17_607339_7.pdf

If you have any questions regarding the three Power of Attorney’s listed above, please don’t hesitate to contact us at 248-934-0550.

 

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Freelancing and Taxes: Plan for them

by Matthew Senter | June 6, 2019 | Tax | 0 Comments

Freelancer is a term we see a lot these days and the tax implications are different than as an employee. An employee has the luxury of their employer withholding and paying their tax to the appropriate taxing authorities on their behalf. A freelancer does not. In its simplest form a freelancer is a sole proprietor for income tax purposes. Becoming self-employed as a freelancer comes with great flexibility of being your own boss but one should be mindful of proper record keeping requirements and timely tax payments.

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by Matthew Senter | July 17, 2019 | Tax | 0 Comments

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by Matthew Senter | September 18, 2019 | Courses, Tax | 0 Comments

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by Matthew Senter | November 13, 2019 | Internal Revenue Service, Scams, Tax | 0 Comments

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by Matthew Senter | November 18, 2019 | Internal Revenue Service, Tax | 0 Comments

Did you know that a taxpayer must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds each year, as part of the Bank Secrecy Act? By filing a Report of Foreign Bank and Financial Accounts, otherwise known as FBAR (on...
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by Kylie Harig | November 25, 2019 | Tax | 0 Comments

It's important to keep a checklist of items on your financial radar as we approach the close of 2019. Below are 5 simple tax savings strategies, which will protect your financial health and ensure future success as you move into 2020. The Top 5 Year End Items: Speak...
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IRS Penalties: Abatement & Resolution

by Matthew Senter | December 10, 2019 | Internal Revenue Service, Tax | 0 Comments

Have you ever paid an IRS penalty or feel like you've accumulated too many penalty notices from the IRS? If so, it's possible we can help alleviate the pain. Let's review a couple of ways to reduce, remove or abate some of those penalties. There are many forms of...
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by Kylie Harig | December 18, 2019 | Accounting, Tax, Team | 0 Comments

Building a network of well-connected financial professionals is a crucial means of personal wealth management. A dream team of experts will provide service and support towards working for and achieving your financial goals, while monitoring progress along the way....
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by Kylie Harig | January 8, 2020 | Tax, Team | 0 Comments

Hi there! My name is Kylie Harig and I am the new office manager at Senter, CPA. I am so thankful for the opportunity to introduce myself to you and hope that you enjoy learning a little about me and my family.  I come to you with nearly a decade of experience in the...
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Workplace Dependent Care Benefits

by Kylie Harig | January 24, 2020 | Internal Revenue Service, Tax | 0 Comments

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