Tax preparer asked me to sign a liability release agreement

[ZWu1]

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.

[M-MTax]

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.

[ZWu1]

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?

[M-MTax]

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.

[fanfare]

Make sure the agreement states specific tax year(s) and does not affect other years,

@ZWu1