“They will insist on cooperation with their request, and [say that] any noncompliance may result in a warrant being issued for your arrest, or other fines and penalties,” said Rob Burnette, professional tax preparer at Outlook Financial Center in Troy, Ohio.
“These funds receive an agreed-upon interest rate and are often laddered to mature over a specified time frame, allowing for preservation of capital with a rotating stream of income,” says Lori Gross, an investment advisor at Ohio-based Outlook Financial Center.
“Your reasons need to be outstanding, and relevant documentation and proof must be provided,” said Rob Burnette, professional tax preparer at Outlook Financial Center in Troy, Ohio.
“When it comes to low-risk investments, it all depends on your personality, risk tolerance, objectives and investment horizons,” says Lori Gross, lead investment advisor at Outlook Financial Center.
Rob Burnette, an independent advisor and tax return preparer at Outlook Financial Center in Troy, Ohio, who is registered with the IRS, said that for taxpayers who take the DIY approach and "blindly use software," basic human error is the biggest pitfall.
“The documents need to be reviewed to determine if they will change the tax calculations,” said Rob Burnette, CEO at Outlook Financial Center in Troy, Ohio.