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.

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. 

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 

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.