The primary focus of my firm is tax representation in Parkchester, NY. Taxpayers who have tax debt, but don’t know the exact details of their tax history will need to obtain their account (tax) transcript. The transcript will show all of the tax related information pertaining to the taxpayer during the course of a year. For every year a taxpayer has generated tax data, that information would appear on the transcript. The transcript would show when a tax return is received, any interest and penalties charged, any tax assessed and tax payments made. Knowing what’s on a tax transcript is very important when seeking tax resolution help because it helps the tax professional choose the best course of action for the taxpayer client.
Tax professionals attempting to help taxpayers would want to obtain transcripts especially if they need to see when taxes were assessed. The date in which a taxpayer filed a tax return is different from the date assessed. Tax assessment date is when the IRS reviews the tax return that was filed and subsequently applies any penalties and interest incurred from the date the tax return was filed. Those two dates could be weeks, months or even years apart. Tax professionals would look at the tax assessment date on the transcript to determine the start of the taxpayer’s 10-year collection statute. The 10-year collection statute is the time period in which the IRS has the right to collect on the tax debt. Which tax resolution option to choose hinges on how much time is left in the taxpayer’s 10-year collection period from assessment and partly on the taxpayer’s financial situation.
If you or anyone you know has back tax issues or need to obtain their tax transcript for further assistance, please feel free to contact me at (917) 708-1097, or via email at millertax.ea@gmail.com.
Miller Tax & Advisory Services
P.O. Box 967
Parkchester, NY 10462
Ph. (917) 708-1097
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