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| *Loan,banking and credit>>>tax attorney |
Phil, an enrolled agent, prepares William's income tax return. William gives Phil power of attorney, including |
Phil, an enrolled agent, prepares William's income tax return. William gives Phil power of attorney, including the authorization to receive his federal income tax refund check. Accordingly, the IRS sends William's $100 refund check to Phil's office. William is very slow in paying his bills and owes Phil $500 for tax services. Phil should a. Use William's check as collateral for a $100 loan to tide him over until William pays him. b. Refuse to give William the check until William pays him the $500. c. Get William's written authorization to endorse the check, cash the check, and reduce the amount William owes him to $400. d. Turn the check directly over to William. The answer is d. You can't take someone's money without going through the legal system! e. Extort the money and run to Mexico. [This is a real world lawyer example, isn;t it?] D is the answer. I gave my accountant a power of attorney and in most cases if not all it is limited to the filling of the forms only. Money is not included. |
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