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Is Your Tax Information Safe?

Potential changes in IRS rules could leave you exposed.

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This story appears in the September 2006 issue of Entrepreneur. Subscribe »

Does the thought of strangers poring over your tax return make you squirm? If so, it may come as an unpleasant surprise that a proposed change to regulations issued by the would enable tax preparers to sell or disclose information on client tax returns without permission.

The change to current regulations--which require preparers to disclose information only with the consent of the taxpayer--has raised the ire of taxpayers, tax preparation companies and legislators alike. "The proposed IRS rules would allow the companies that do your taxes to sell your private information to whom-ever they want--credit card companies, telemarketers, junk mail distributors," says Sen. (D-IL), who sponsored a bill that would pre-empt the IRS' plan. "Our tax returns contain personal and that no American would ever want sold to the highest bidder--Social Security numbers, information about children, income, assets and debts."

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