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Sunday May 20, 2012

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Please read our Standard Terms of Engagement:

Wolcott & Associates, P.A.
Standard Terms of Engagement
Individual US and State Tax Returns

We are pleased to confirm and specify the terms of our engagement with you and to clarify the nature and extent of the services we will provide and limitations thereof.

We will prepare your 2003 federal and state income tax returns based on information provided by you.  We will not audit or otherwise verify the data you submit, although it may be necessary to ask you for clarification of some of the information.  Our work in connection with the preparation of your income tax returns does not include any procedures designed to discover defalcations and/or irregularities, should any exist.  The information in the tax return is your information, and our role is to assemble the tax return in the manner prescribed by the Internal Revenue Service (IRS) or state income tax authority.  You are responsible for any unpaid taxes, interest, or penalties.
 
It is your responsibility to provide all the information required for the preparation of complete and accurate returns. We may furnish you with questionnaires and worksheets to assist you in gathering the necessary information.  Your use of such forms will assist in keeping the fee to a minimum. You should retain all the documents, cancelled checks and other data that form the basis of the income and deductions.  These may be necessary to prove the accuracy and completeness of the returns to a taxing authority.  You have the final responsibility for the income tax returns and, therefore, you should review them carefully before you sign them.

In the event the IRS or state tax auditors audit the tax return, we will be available to answer any questions they have regarding how we prepared your return.  If an audit is scheduled, we will conduct the audit on your behalf, if so requested.  Fees paid for the preparation of the return do not cover professional fees to represent you before such auditors.  You are responsible to maintain tax related records in the event of audit, and we recommend you retain your records for a minimum of five (5) years.
 
Our work is dependent on the timely receipt of data provided by you, and in the event that such data is not provided, or is provided late, we cannot guarantee timely preparation of your work.  Should we determine, at our sole discretion, that we cannot complete our examination in a competent or timely manner, we reserve the right to withdraw from the engagement.

Wherever possible, we will provide an estimate of our fees.  Should we find that additional work is required to complete your return, we will inform you prior to proceeding.  Preparation fees must paid prior to electronically filing or mailing the completed return, or at the time of pickup.  Additional or follow-up work after the return is completed will be billed at our normal fees.

The working papers and schedules prepared during this engagement are the property of Wolcott & Associates, PA, and constitute confidential information.  However, we may be requested to make certain working papers available to the IRS or state tax authority, pursuant to authority given to it by law or regulation. If requested, access to such working papers will be provided under the supervision of Wolcott & Associates, PA personnel.   Furthermore, upon request, we may provide photocopies of selected working papers to the IRS or state tax authority.  The IRS or state tax authority may intend, or decide, to distribute the photocopies or information therein to others, including other governmental agencies.

If you request that we change a completed tax return due to an oversight on our part, we will do so at no cost to you.  If you request we change a completed return because of information not provided to us, there will be a minimum charge of $30.  If an amended return is required due to information not provided to us, there will be a minimum charge of $50.

In the unlikely event that differences concerning our services or fees should arise that are not resolved by mutual agreement, we both recognize that the matter will probably involve complex business or accounting issues that would be decided most equitably to us both by a judge hearing the evidence without a jury.  Accordingly, you and we agree to waive any right to a trial by jury in relating to any of our services or fees for this engagement.  Clients and potential clients are advised that due to the litigious nature of our business society that this firm intentionally does not carry professional liability insurance.

Note that any return received between April 1st and April 15th will automatically be placed on extension.  Clients must understand that the extension represents an extension of time to file the tax return, not an extension to pay taxes owed.  If you expect to have to pay any taxes, the estimated taxes should be paid with the extension.  If not, the IRS or state taxing agency may add interest and penalties to the balance owed.  As the preparer, we are not responsible for the payment or refund of such interest or penalties.

We appreciate the opportunity to be of service to you and believe this letter  accurately summarizes the significant terms of our engagement.  If you have any questions, please contact us prior to engaging our services.   We appreciate the opportunity to be of service.

Sincerely,
Wolcott & Associates

I Agree

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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, we advise you that any tax advice contained in this communication (including any attachments) is not intended to be used for, and cannot be used for, the purpose of avoiding penalities under the United States federal tax laws.



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