Tax Transcripts – Why they are so important

By
Services for Real Estate Pros with Backoffice Squared

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The “Account Transcript” is the official IRS record of where a taxpayer stands with respect to any one tax return. This statement starts with the date the return was filed and lists all the changes to the assessed amount as well as the payments credited.


Why do you need to always requests these records when dealing with the IRS? There are several critical pieces of information that you need in order to properly negotiate with the IRS.

  •          The assessment date – This date starts the 10-year Statute of Limitations
  •          The original assessment amount – It’s a good idea to verify this number with the client’s copy of the tax return.
  •          Changes to the original assessment amount – It’s always worth considering that the IRS could be wrong when they change the taxpayer’s return.
  •          Payments credited and refunds issued – Where all the taxpayer’s estimated tax payments recorded correctly? Did the taxpayer get their refund or did the IRS move that credit to another Account Transcript?
  •          Appointed Representatives – Shows who can talk to the IRS for the taxpayer.
  •          IRS notices issued to the taxpayer – provides the date lines of the IRS’s attempts to collect any past due taxes.

 

The Account Transcript information is a big part of getting your strategy right. Obviously, knowing the correct amount of taxes past due are critical to being able to decide if an Installment Plan is the way to go. The Statute of Limitations has a big impact on whether to file an Offer-in-Compromise or to try for Uncollectable Status and with them out. It’s always best to get this sort of information straight from the official IRS records.

 

If you or someone you know has received a Notice of Intent to Levy or some other federal or state tax issue, please feel free to contact me at either (352) 317-5692 or email jim@backoffice2.net.

 

Jim Payne, CPA

Backoffice2

Gainesville, FL

Cell (352) 317-5692

Office (352) 376-9401

Fax (352) 376-9440

jim@backoffice2.net

https://backoffice2.net

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Peter Mohylsky 08/07/2019 04:27 AM
Topic:
Local News and Events
Tags:
irs
gainesville
florida
statute of limitations
offerincompromise
account transcript
installment plan

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Rainmaker
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Peter Mohylsky
PrimeSouth Properties - Santa Rosa Beach, FL
Let me help you find your path to the beach.

Great post, thanks for sharing this information 

Aug 07, 2019 04:26 AM #1
Rainer
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Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for sharing that critical information!

The Account Transcript information is a big part of getting your strategy right. Obviously, knowing the correct amount of taxes past due are critical to being able to decide if an Installment Plan is the way to go. The Statute of Limitations has a big impact on whether to file an Offer-in-Compromise or to try forUncollectable Status and with them out. It’s always best to get this sort of information straight from the official IRS records.

Aug 07, 2019 04:34 AM #2
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Jim Payne, CPA

CPA firm practicing in the area of IRS Collections
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