Richardson TX-Why Tax Transcripts are Critical When Resolving IRS Debt

Why Are Tax Transcripts Important When Resolving IRS Debt?

When Taxpayers come to me in my tax practice in Richardson, TX seeking relief from tax debt, the most critical place for me to start to understand their problem and how to address it is by Pulling their Tax Transcripts. While the taxpayer has a lot of important information that can help me to understand their issues by interviewing them and looking at their documents, but by pulling transcripts, I can immediately get a very clear look at the big picture of what the issues are and develop a plan on how to address their tax issues. As a taxpayer with debt who wants to resolve issues on their own, you should also take this action.

What are the Advantages of Pulling Transcripts?

Below are just some of the reasons that I find pulling tax transcripts critical –

1. What are the years that the Taxpayer owes taxes according to the IRS?
2. What amount is outstanding for each year?
3. Are there penalties that I may be able to assist in removing?
4. Are there levies or liens or threats of levies or liens that need to be immediately addressed?
5. How close is the debt to the 10 year Statute of Limitations?
6. Is the Taxpayer in Compliance?  

How may this Impact Actions to Resolve the Tax Debt?

First, having a clear, concise view of all of the Taxpayer’s issues allows me (or you if you are resolving you own issue) to have a clear understanding of what needs to be resolved, the time sensitivity of certain items (such as a Notice of a Tax Levy or Lien that needs to be addressed), and the steps that need to be taken. For example, if the taxpayer is not in tax compliance and needs to file several tax returns, it would be a useless action for me to file an Offer in Compromise for the Taxpayer before getting them in Compliance. The IRS will not accept the application without being in compliance and we will have extended the 10 year collection clock. Pulling tax transcripts is essential to resolving IRS Debt.

Do you Need Help?

In order to settle your debt, you’ll need to first get in tax compliance and then to find a resolution that you qualify for and is the best alternative for your situation. If you are in or near Richardson, TX and need help, feel free to contact me at Bob Jablonsky, EA at (972) 821-1991 or at bob@jablonskyandassocates.com.  To learn more about us, visit our website at https://jablonskyandassociates.com/.

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