IRS Tax Transcript Analysis

  1. Home
  2. Tax Resolution Services
  3. IRS Tax Transcript Analysis

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

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:

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:

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

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.