Form 2848: Power of Attorney and Declaration of Representative

AAA

DEFINITION of 'Form 2848: Power of Attorney and Declaration of Representative'

A tax form distributed by the Internal Revenue Service (IRS) that allows a taxpayer to identify another individual as representative for them before the IRS. It gives a third party the authority to sign documents requesting additional time to assess the tax obligation, as well as agree to a tax adjustment. Providing the representative with the power of attorney does not, however, relieve the taxpayer of any tax liability.


In order to represent a taxpayer the representative must be authorized to practice in front of the IRS. Authorized individuals include attorneys, CPAs and enrolled agents.

INVESTOPEDIA EXPLAINS 'Form 2848: Power of Attorney and Declaration of Representative'

When a taxpayer permits a representative to represent him or her in front of the IRS, the taxpayer is also granting that individual access to tax information that is typically confidential. Form 8821 can be filed by the taxpayer who wishes to provide a third party access to the his or her confidential tax return, but does not want that person to be a representative in front of the IRS.

RELATED TERMS
  1. Preaudit

    An accounting practice used prior to the official examination ...
  2. Form 2439: Notice to Shareholder ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  3. IRS Publication 470: Limited Practice ...

    A document published by the Internal Revenue Service that outlines ...
  4. Certified Public Accountant - CPA

    A designation given by the American Institute of Certified Public ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. Power Of Attorney

    A legal document giving one person (called an "agent" or "attorney-in-fact") ...
Related Articles
  1. How To Appeal Your IRS Audit
    Taxes

    How To Appeal Your IRS Audit

  2. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

  3. 3 Common Tax Questions Answered
    Taxes

    3 Common Tax Questions Answered

  4. Three Documents You Shouldn't Do Without ...
    Options & Futures

    Three Documents You Shouldn't Do Without ...

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center