Hi all -
I am in the process of currently buying out a gentlemen who is going to retire. He mentioned that he wants to get a IRS form 7216 signed for every client before he releases all of the prior year's tax returns. I have bought out two other practices and have never done this. Does anybody have any legal citations where we don't have to do this? 26 CFR § 301.7216-2 doesn't say much about somebody buying out the firm...is there another code section I should be looking at?
Thanks in advance for your help