How Can IRS Transcripts Help Resolve Your Tax Debt and Improve Compliance?
If you owe money to the IRS, obtaining your IRS transcripts is a critical first step in resolving your tax issues. These detailed reports summarize your tax return information and history, providing essential insights into your filing status, balances, and income.
Types of IRS Transcripts
There are several types of IRS transcripts, each serving a unique purpose:
1. Tax Return Transcript
This transcript reflects your original Form 1040 tax return as filed, along with any forms or schedules you submitted. It does not, however, include any changes made through an amended return.
2. Tax Account Transcript
This document provides basic details, such as your filing status, taxable income, and payment types. Unlike the tax return transcript, it also includes any updates made after your original filing.
3. Record of Account Transcript
Combining the tax return and tax account transcripts, this version offers a comprehensive overview of your tax situation.
4. Wage and Income Transcript
This transcript compiles data from informational tax documents, such as Form W-2 and 1099s. It can generate up to 85 information returns but will not include additional forms if you have more than 85 documents.
5. Verification of Non-Filing Letter
This document confirms whether you filed a tax return for a specific year. It is available for the current tax year after June 15 or for any of the three previous years.
Why IRS Transcripts Matter
IRS transcripts are vital because they document every interaction between you and the IRS. As tax resolution specialists, we use these records to negotiate with the IRS effectively. Transcripts can uncover erroneous penalties, misapplied credits, or balances in the wrong accounts. If you’ve faced past tax issues, a thorough tax investigation is the best way to understand your account and identify the most favorable resolution options.
What We Discover Through Tax Investigations
A tax investigation reveals key information about your account, including:
Collection Status
Compliance Requirements
Missing Return Information
Principal Balance
Penalties
Interest
Credits
Possible Amendments
Audit Reconsideration
Resolutions You May Qualify For Under IRS Guidelines
With this data, we build a clear path toward resolving your tax issues.
Take the First Step Today
If you’re ready to take control of your tax situation, Tennex Tax Solutions can help. We offer free consultations to explain the tax investigation process and outline how we can assist you. Our nationwide team is here to support you every step of the way.
