This is a special form which both the taxpayers and the non-taxpayers use to report financial information to the United States Internal Revenue Service. The form captures and showcases information about the income of the entity concerned and the taxes payable to the federal government. It also discloses other pieces of information that may be stipulated by the Internal Revenue Code (IRC). The form comes in around 800 schedules and formats.
When is the Internal Revenue Service Form used?
Filing Tax Returns
As noted above, this form is extensively used when filing tax returns. This, in fact, is its primary purpose. It captures and displays to the Internal Revenue Service all the pieces of information that may be needful for that end. These include the income levels and the tax payable.
Claim Tax Refunds
While claiming tax refunds, this form yet again comes in handy. It will aid you in asking for the same from the Internal Revenue Service chiefly because it contains all the up-to-date information on the same.
It is not uncommon for disputes to arise when filing tax returns or handling other taxations issues. This form can help to quell such disputes. That is because it contains fields which when properly filled out, will lay bare all the facts relevant to the case.
Who can file Form 2848?
The only person who is eligible to file this Form 2848 is the one who is expressly authorized by the individual or entity to do the same. By law, the person selected has to possess above-average accounting or taxation skills. These may be a practicing attorney, certified public accountant, or an enrolled agent.
What authority does this from grant?
Consent to Extend Tax Assessments
The form lets the representative consent to any tax assessments if need be. On account of this, the representative will sign and authorize any consents that touch on the extension of the time to evaluate the tax.
Recording of Interviews
From time to time, the Internal Revenue Service might require that the taxpayer attend interviews in person. The form yet again grants the representative the sole right to record the proceedings of the interviews and transmit the same to the taxpayer.
Authorization of Tax Adjustments
Just in case some adjustments with regards to the tax remission is needed, the representative yet again is empowered to do so. In this role, he signs the waivers which consent to these adjustments on behalf of the taxpayer.
The signing of Closing Agreements
In the event that some agreements are entered into with the taxpayer, the representative will also have the authority to sign the closing agreements. His signature will make the agreement deemed as though it is that of the taxpayer himself.
Receipt of Check Refunds
The Internal Revenue Service does process and remit tax refunds from time to time. This form empowers the representative to receive these refunds on behalf of the taxpayer.
Access to all Tax Records
By default, and unless specified, the representative has the right to access all the past tax records of the taxpayer he holds brief for. The taxpayer may, however, limit the extent, scope or specific information which the representative may gain access to.
How to Revoke Form 2848?
Step I: Download and fill the form
Download the form from the official Internal Revenue Service portal:
Fill the form chiefly by indicating those representatives whose authority you wish revoked. You are required to furnish all pertinent details like the periods covered, names and addresses, and the matters concerned.
Then, write the term ‘REVOKE’ at the top of page 1 of the form and finish off by appending your signature and date underneath the form.
Step II: Return the form to the Internal Revenue Service
After filling the form, you now have to fax or mail it back to the Internal Revenue Services. Indicate clearly the ‘Where to File Chart’ or the specific Internal Revenue Service office that handles such matters in your jurisdiction.
Does Form 2848 need to be notarized?
It depends on the exact nature of the form. In case it is original, it DOES NOT have to be notarized. If however, the form is a copy of the original, you have to notarize it to make it official and legally acceptable.
Differences between IRS Form 8821 and 2848?
Though extensively used by taxpayers in the United States of America, these two forms bear some significant differences. Below are some of the major points of divergence between these two forms:
For 8821 is issued out to a representative by a taxpayer purely to gain access to his private and confidential tax information. Form 2848, on the other hand, is used to give a representative the power to file tax returns and handle other tax-related issues on behalf of the client.
To be able to handle the powers conferred by Form 2848, one has to be a practicing attorney, certified public accountant, or an enrolled agent. This means the representative need to possess some above-average skill and expertise.
The case is however completely different with the Form 8821. One need not possess any technical skill or expertise. He only needs to be someone who is trusted by the firm concerned that is it!
As explained above, the Form 2848 empowers the representative to handle all taxations issues on behalf of the client. These include but are not limited to filing tax returns, receiving refunds, signing agreements, negotiating adjustments, and attending meetings if need be.
The one for the Form 8821 is however limited only to access privileged taxation information of the client concerned. This could take the form of scrutinizing past tax records, ascertaining any errors, and anticipating tax levels.
Generally speaking, all firms and entities, at one point or another, have to use the Form 2848. This is due to the fact that they might never have the time to those chores on their own. As for the Form 8821, only a select few will find it needful for their use at any given time.
Download Form 2848