Michigan Laws 556.316 – Authority of agent; taxes
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 556.316
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Michigan Laws 556.202
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- power: means a power of attorney. See Michigan Laws 556.202
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a written record that grants authority to an agent to act in 1 or more matters on behalf of the principal, whether or not the term power of attorney is used. See Michigan Laws 556.202
- Principal: means an individual who grants authority to an agent in a power of attorney. See Michigan Laws 556.202
- Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right in such a thing. See Michigan Laws 556.202
- Sign: means to do either of the following with the intent to authenticate or adopt a record:
(i) Execute or adopt a tangible symbol. See Michigan Laws 556.202State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 556.202 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
Unless the power of attorney provides otherwise, language in a power granting general authority with respect to taxes authorizes the agent to do all of the following:
(a) Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, federal insurance contributions act, and other tax returns, claims for refunds, requests for extension of time, petitions regarding tax matters, and any other tax-related documents, including receipts, offers, waivers, consents, including consents and agreements under section 2032A of the internal revenue code of 1986, 26 USC 2032A, closing agreements, and any power of attorney required by the Internal Revenue Service or other taxing authority with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years.
(b) Pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority.
(c) Exercise any election available to the principal under federal, state, local, or foreign tax law, including consent, under section 2513 of the internal revenue code of 1986, 26 USC 2513, to the splitting of 1 or more gifts made by the principal’s spouse.
(d) Act for the principal in all tax matters for all periods before the Internal Revenue Service or other taxing authority.