N.Y. General Obligations Law § 5-1502m: Construction--tax matters

§ 5-1502M. Construction--tax matters. In a statutory short form power

of attorney, the language conferring general authority with respect to

"tax matters", must be construed to mean that the principal authorizes

the agent:

1. To prepare, sign, and file federal, state, local, and foreign

income, gift, payroll, federal insurance contributions act returns, 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 United States Internal Revenue Code Section 2032A or

cognate provisions of any successor statute), closing agreements, and

any power of attorney required by the federal internal revenue service

or other taxing authority with respect to a tax year upon which the

statute of limitations has not run and with respect to the tax year in

which the power of attorney was executed and with respect to any

subsequent tax year;

2. To pay taxes due, collect refunds, post bonds, receive confidential

information, and contest deficiencies determined by the United States

Internal Revenue Service or other taxing authority;

3. To exercise any election available to the principal under federal,

state, local, or foreign tax law; and

4. To represent the principal, or to designate another person to

represent the principal, in all tax matters for all tax periods before

the United States Internal Revenue Service and any other taxing

authority.

The powers explicitly authorized in the provisions of this section

shall not be construed to diminish any like powers authorized in any

other section of this title, such as, but not limited to, those

authorized in subdivision 9 of section 5-1502I of this title.

Accordingly, such powers as are authorized in any other section of this

title shall be construed as if the provisions of this section do not

exist.