IRS guidance on Gramm-Leach-Bliley Act and return preparers.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has received inquiries from practitioners and return preparers on the effect of the Gramm-Leach-Bliley Act (Act) on Sec. 7216. The Act imposed new requirements on financial institutions to protect the privacy of nonpublic personal information. Sec. 7216 prohibits the unauthorized use or disclosure of return information by preparers. Return preparers, as defined in Regs. Sec. 301.7216-1(b)(2), are advised that, although they may be subject to the Act's privacy provisions, such provisions do not supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. , alter or affect the preexisting pre·ex·ist or pre-ex·ist v. pre·ex·ist·ed, pre·ex·ist·ing, pre·ex·ists v.tr. To exist before (something); precede: Dinosaurs preexisted humans. v.intr. Sec. 7216 requirements restricting a preparer's disclosure or use of return information. Specifically, the Act does not permit use or disclosure of return information prohibited by Sec. 7216 and the regulations thereunder. For guidance on the use or disclosure of return information, return preparers may refer to Regs. Sec. 301.7216 and Notice 2000-64. NOTICE 2002-6, IRB IRB See: Industrial Revenue Bond 2002-1 REFLECTIONS. For a discussion of some of the taxpayer privacy issues, see TTA TTA Telecommunications Technology Association (Korea) TTA Teacher Training Agency (UK) TTA Triangle Transit Authority (Raleigh/Chapel Hill/Durham, North Carolina, USA) , June 2001, p. 404. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion