§ 5-1502M — Construction--tax matters

New York § 5-1502M

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 15: Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1502M. Construction--tax matters. In a statutory short form power\nof attorney, the language conferring general authority with respect to\n"tax matters", must be construed to mean that the principal authorizes\nthe agent:\n 1. To prepare, sign, and file federal, state, local, and foreign\nincome, gift, payroll, federal insurance contributions act returns, and\nother tax returns, claims for refunds, requests for extension of time,\npetitions regarding tax matters, and any other tax-related documents,\nincluding receipts, offers, waivers, consents (including consents and\nagreements under United States Internal Revenue Code Section 2032A or\ncognate provisions of any successor statute), closing agreements, and\nany power of attorney required by the federal internal revenue service\nor other taxing authority with respect to a tax year upon which the\nstatute of limitations has not run and with respect to the tax year in\nwhich the power of attorney was executed and with respect to any\nsubsequent tax year;\n 2. To pay taxes due, collect refunds, post bonds, receive confidential\ninformation, and contest deficiencies determined by the United States\nInternal Revenue Service or other taxing authority;\n 3. To exercise any election available to the principal under federal,\nstate, local, or foreign tax law; and\n 4. To represent the principal, or to designate another person to\nrepresent the principal, in all tax matters for all tax periods before\nthe United States Internal Revenue Service and any other taxing\nauthority.\n The powers explicitly authorized in the provisions of this section\nshall not be construed to diminish any like powers authorized in any\nother section of this title, such as, but not limited to, those\nauthorized in subdivision 9 of section 5-1502I of this title.\nAccordingly, such powers as are authorized in any other section of this\ntitle shall be construed as if the provisions of this section do not\nexist.\n