What are IRS transcripts and what do they do?

What are IRS transcripts and what do they do?

Transcripts are like your secret file with the IRS. They show us what the IRS knows about you. There are three basic steps to IRS Resolution. The first is Power of Attorney & Investigation. The second is preparing all necessary returns. The third step is Resolution. Transcripts play a very important part in the first step, investigating a taxpayer’s case. Below is some information about IRS transcripts.  

What do they include?

When looking at a client’s transcripts we can see much of the same information that the IRS sees. We can see their filing status, the payments they have made, when statutes expire, income they received, and much more. A client’s transcript helps the attorney investigate and see just what is going on in their tax situation.

Types of Transcripts:

The most common types of transcripts are tax return, wage and income, and account.

  • Tax Return Transcripts– show most line items on your tax return.
  • Wage and Income Transcripts– show all income reported to IRS on your behalf.
  • Account Transcripts – show important tax information.

Other Transcript types:

  • Civil Penalty
  • 1120
  • 940
  • 1065
  • Separate Assessment

How do I get my transcripts?

Due to a high incidence of internet hacking and fraud, the ability for a taxpayer to order transcripts online is temporarily disabled. A resolution firm can order online transcripts in a few days and fully explain your IRS secret file to you the taxpayer.

 

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