Mastering IRS Transcript Analysis For Tax Debt Relief 2023

IRS TAX TRANSCRIPT ANALYSIS

A IRS tax return transcript and record of account contain a wealth of information about the taxpayer & IRS filing history.

IRS Transcript Assessment & Analysis

What is the best way to get IRS Transcript Online or make an IRS transcript request?

Requesting an IRS transcript can provide you with a record of your tax-related information, including tax returns, tax account transactions, and other important details.

There are different types of transcripts available, such as tax return transcripts, account transcripts, and wage and income transcripts. Here's how to request an IRS transcript:

1. Online Request:
The quickest and easiest way to request an IRS transcript is through the IRS website. Follow these steps:

a. Go to the IRS website (irs.gov) and search for "Get Transcript."

b. Click on the "Get Transcript Online" link.

c. Create an account or log in if you already have one.

d. Follow the prompts to verify your identity and select the type of transcript you need (e.g., tax return transcript, account transcript).

e. Once verified, you can view and download the transcript online.

2. Phone Request:
You can also request a transcript by phone. Keep in mind that this process may take longer compared to online requests.

a. Call the IRS Transcript Request Line at 1-800-908-9946.

b. Follow the prompts to provide your information and select the type of transcript you need.

c. The transcript will be mailed to your address of record within 5-10 business days.

3. Mail Request:
If you prefer to request a transcript by mail, you can do so by completing and mailing Form 4506-T, "Request for Transcript of Tax Return," to the IRS. You can find this form on the IRS website.

4. In-Person Request:
If you need the transcript urgently, you can visit a local IRS Taxpayer Assistance Center to request it in person. Use the IRS website to find the nearest center and schedule an appointment.

When requesting a transcript, keep the following in mind:

- Transcripts are usually available for the current tax year and the previous three years.
- There may be fees associated with certain types of transcripts, such as tax return transcripts requested for mortgage purposes.
- Be prepared to provide personal information, including your Social Security Number, date of birth, and filing status.
- Make sure your contact information and mailing address are up-to-date with the IRS.

Transcripts are often used for various purposes, such as obtaining a mortgage, applying for financial aid, verifying income, and resolving tax issues. If you have specific needs related to obtaining a transcript, it's recommended to consult a tax professional for guidance.

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Request An IRS Tax Return Transcript Analysis 

Are you ready to eliminate your tax debt?

The first step is to protect your assets, evaluate and research your IRS records and your ability to pay.

TheCPATaxProblemSolver provides this service to help you make sense of your situation and to find the right tax relief program for you.

I will provide a breakdown of your risk for collection, your IRS payment history, the collection statute expiration date (CSED), any tax liens or levies released or filed, interest and penalties you have accrued, and active IRS demand letters.

The IRS tax return transcript analysis provides critical information useful in the development of a permanent resolution to a personal or business tax problem.

It makes it possible to determine eligibility for scenarios like Offer in Compromise, Installment Agreement, and Currently Not Collectible.

Our Phase One-IRS Tax Transcript Assessment & Analysis

I will provide a breakdown of your risk for collection, your IRS payment history, the collection statute expiration date (CSED), any tax liens or levies released or filed, interest and penalties you have accrued, and active IRS demand letters.

This analysis provides critical information useful in the development of a permanent resolution to a personal or business tax problem.

It makes it possible to determine the best plan of action and select your eligibility for collection alternatives like Offer in Compromise, Installment Agreement, and Currently Not Collectible.

Includes:

Preparation and Submission of Power of Attorney (Federal Form 2848)
Protect Your Assets by Stopping Adverse Collection Action by IRS
Getting and Testing Account Transcripts
Getting and Testing Wage & Income Records
Case Evaluation & Analysis of Eligibility for Various Collection Alternatives
Plan for Resolving Your Tax Issue

What is an IRS Tax Transcript?

An IRS tax transcript is a summary or an overview of your tax return information. It is not the same as a copy of your tax return, which is an exact printout of the tax return and all attached schedules and forms that you filed with the IRS.

The IRS offers several different types of tax transcripts:

1. Tax Return Transcript: This shows most line items from your tax return as it was originally filed, including any forms and schedules. It doesn't show changes made after you filed your original return.

2. Tax Account Transcript: This shows basic data such as return type, marital status, adjusted gross income, taxable income, and all payment types. It also shows changes made after you filed your original return.

3. Record of Account Transcript: This combines the tax return and tax account transcripts above into one complete transcript.

4. Wage and Income Transcript: This shows data from information returns, such as W-2s, 1099s, and 1098s, reported to the IRS. Most recent year information may not be complete until July.

5. Verification of Non-filing Letter: This is proof from the IRS that you did not file a return for the year. Current year requests are only available after June 15.

These transcripts can be useful for mortgage applications, student and small business loan applications, and during tax preparation. You can request transcripts from the IRS for free.

irs transcript

Understanding IRS Transcript Analysis

IRS Transcript Analysis is the process of reviewing and interpreting the various types of tax transcripts provided by the IRS.

These transcripts, which include tax return transcripts, tax account transcripts, record of account transcripts, and wage and income transcripts, contain detailed information about your tax history.

The analysis of these transcripts can provide valuable insights into a taxpayer's financial situation, including:

1. Income Verification: Transcripts can verify income reported on a tax return, which is often required for loan applications.

2. Tax Compliance: The analysis can confirm whether a taxpayer has filed and paid their taxes correctly and on time.

3. Audit Risk: By examining the discrepancies between different types of transcripts (for example, between a wage and income transcript and a tax return transcript), one can identify potential red flags that might trigger an IRS audit.

4. Tax Planning: Transcripts can provide a detailed history of a taxpayer's income, deductions, and credits, which can be useful for tax planning purposes.

IRS Transcript Analysis is often performed by tax professionals, such as Certified Public Accountants (CPAs) or Enrolled Agents (EAs), as part of their services to clients. It requires a deep understanding of tax law and IRS procedures.

WHY IS IRS TRANSCRIPT ANALYSIS IMPORTANT 

The Transcript Analysis is a gateway into the IRS’s current and future actions with taxpayers who have years of unfiled tax returns or have a heavy tax burden.  It provides the exact information that the IRS has – critical information that is useful in developing the key components to a permanent resolution to a personal or business tax problem.  As the IRS states, “IRS transcripts are often used to validate income and tax filing status for mortgage applications, student and small business loan applications, and during tax preparation.” Clearly, Taxpayer transcripts contain very useful information, and you should know what the IRS knows about you.

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