What Is IRS Form 8453-OL?
Before the concept of the digital signature became popular, electronically filing your taxes incorporated only certain aspects of technology. In July 2009, however, the Internal Revenue Service simplified this process by modifying the rule requiring that you also mail in a hard copy signature when electronically filing your taxes. This rule modification reduced the amount of paperwork the IRS must process, shortened the time between when you file your return and receive your refund and made IRS Form 8453-OL obsolete.
Identification
The OL in IRS Form 8453-OL stands for online. Prior to the 2007 tax year, this form was a follow-up requirement to filing taxes electronically. In addition to using this form to authenticate your signature, it was also a way to provide consent for direct deposit of your refund or automatic payments for any balance due, as well as a requirement when sending in supporting tax information documents.
Phase Out
In the 2007 tax year, the IRS began phasing out Form 8453-OL. Doing your taxes at home meant you had a choice to either use a digital signature or fill out Form 8453-OL. Professional tax preparers, however, had no choice other than to use a digital signature on all client returns. During this time, the form was still a requirement when sending in supporting documentation. In July 2009, the IRS declared Form 8453-OL obsolete, making digital signatures a requirement for everyone.
Resurfacing
Despite obsolete declaration by the IRS, Form 8453-OL did not completely disappear. With a new design, it is now used as IRS Form 8453. This form continues to be a requirement when sending in supporting tax documentation, as well as tax forms such as Power of Attorney Form 2848, Application for Change in Accounting Method Form 3115, Contributions of Motor Vehicles, Boats and Airplanes Form 1098-C and Schedule D-1, which deals with capital gains and losses.
Considerations
IRS Form 8453 remains in effect because, in some cases, a hard copy signature is necessary. For example, in the case of a divorce, tax deductions for minor children often come into play. The signatures on Form 8453, along with Power of Attorney Form 2848 and a copy of a divorce decree giving a non-custodial parent the right to claim one or more children, provide the proof the IRS it needs to allow the deduction.
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