Documents Needed for IRS Summons of Records

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Question:

Regarding a question published 1/21/08: "Certificate of Compliance Guidance Needed", we received an IRS summons of financial records and would like to verify that we do need to obtain a Certificate of Compliance. We notified the IRS that we would need one prior to our release of records and they did not know what we were talking about. Finally they faxed us "Part D", and are not happy that we are even asking for this information. We just need to find out if this is something that we should still be obtaining when we receive government issued Request for Financial Records.

Answer:

The Right To Financial Privacy Act does not apply to the IRS, which has its own policy and procedures to follow. The IRS is able to issue summonses for documents without a certificate of compliance. [Reference RFPA, Section 3413(c)]

First published on BankersOnline.com 10/18/10