The tax preparer is giving me $ for the federal/state taxes I overpaid in many past years, as the overpaid taxes cannot be claimed back from IRS now after research.
For me to take his money, I need to sign a liability release agreement saying this issue (overpaid taxes) is resolved forever once I take the $. I cannot go back to him/his firm on this regardless of what happens in the future.
Question - is there something I should beware or ask him to revise to protect my future rights or avoid risks later?
Thanks a lot.
I need to sign a liability release agreement saying this issue (overpaid taxes) is resolved forever
Probably they don't want you submitting a claim that would affect their E&O Insurance. You don't have much to gripe about if you've been made whole by the settlement funds you received anyway.
You could have a lawyer review the agreement but that won't be free of charge and might not be worth wasting your time and money.
Thanks a lot. Is there any form or even letter to IRS to "register" the fact that there is this amount I overpaid but cannot be corrected due to the property changing to self use already. No need for IRS to do anything, but really just that later on when I sell the property, at least there is this FACT that I have proof of. Will write a letter/filing some form to IRS be feasible?
Will write a letter/filing some form to IRS be feasible?
It really won't help much if at all. The likelihood of that even being read and retained is remote.
Make sure the agreement states specific tax year(s) and does not affect other years,