Episode 20: IRS Transcripts and How They Can Help Your Case

Do you know what the IRS says about you? In every case, I obtain transcripts or reports produced by the IRS. I want to know what my client owes and if there is anything else out there that may help my client. Here are just some of the things you will learn:

• What your current balance is
• If you have any unfiled tax returns
• If certain taxes may be written off soon or may qualify for discharge in bankruptcy
• If the IRS has identified your return for an audit or examination
• If the IRS intends to take collection action against you, such as by filing a lien or levy
• How the IRS applied any tax payments to your account

If you have a tax problem then it will behoove you to get this information and see if there are any potential problems out there that might make resolving your IRS matter more problematic.

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The IRS has four different types of transcripts: account transcripts, tax return transcripts, record of account and wage & income transcripts. Here is a brief description of each:

• account transcripts - summary of all transactions on your account, such as filing your return, making payments and any collection actions.
• tax return transcripts - line by line detail of a filed tax return.
• record of account transcripts - combination report which contains information found on an account transcript and tax return transcript.
• wage & income transcript - provides detail of each information reporting return filed under your social security number, such as W-2s and 1099s.

You can go to https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them if you want more details on each type of transcript. 

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How to obtain your IRS transcripts:

Online at: https://www.irs.gov/individuals/get-transcript 

Phone at: 1-800-829-1040

If you want to check your IRS balance due: https://www.irs.gov/payments/view-your-tax-account 

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If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.