Tax Transcript Analysis

The first step in any tax case is a tax transcript analysis. Your tax account transcript provides significant data regarding your tax account which allows us to give you the detailed advice you need. Once we obtain your tax account transcript, we can perform a thorough tax transcript analysis and provide you with a comprehensive tax transcript report.

What is an IRS Tax Transcript Analysis?

Oftentimes, the information the IRS provides you is only a small portion of the information they have in your file. In order for us to best advise you on your tax resolution case, we will often times need to obtain a tax account transcript from the IRS.

The tax account transcript is obtained by requesting it directly from the IRS. We will complete IRS Form 8821 and have you review it for accuracy, sign, date and return it to our office. Once submitted, the process normally takes about 10 days before we will get the transcripts back. At that point, we will review your transcripts, conduct a tax transcript analysis, provide you with a comprehensive tax transcript report, and advise you on what the next steps will be.

What information is provided on a tax transcript?

IRS tax transcripts provide us with information such as:

  • Filing status
  • Tax Liability
  • Payments Made
  • Tax Compliance (if your taxes were filed on time each year)
  • Penalties and Interest assessed
  • Wage and Income Records

In addition to having the information necessary to tackle your tax resolution case, we would also have access to any and all W2 and 1099 information that was provided to the IRS. If you need to file older tax returns, this makes the process much smoother since we can determine what information the IRS already has on file.

Do I need a tax attorney for a tax transcript analysis?

Technically, you don’t need a tax attorney to get a copy of your tax transcript. You can get one yourself if you wanted to. However, the tax transcript comes in a format that is barely readable. It uses codes and lingo that tell you very little if you are unfamiliar with tax transcripts.

That’s where our tax attorneys come into play.

Because our tax attorneys are experienced in tax resolution, we can provide a detailed report that explains:

  • Current tax liabilities, penalties & interest;
  • The earliest dates for bankruptcy dischargeability;
  • Collection statute expiration date;
  • First Time Penalty Abatement eligibility;
  • Federal Tax Liens / Audit / Bankruptcy indicators;
  • Payment history;
  • Civil penalties;
  • And more.

Not only that, our tax attorney will review the entire report with you, explain everything about your current tax situation, and answer your questions. If you’d like, we can develop a tax resolution strategy to reduce, eliminate, or resolve your tax debt.

Where can I learn more about a tax transcript analysis?

If you have additional questions, you should request a free copy of “The Essential Tax Resolution Survival Guide”. As part of the ARM Yourself With Knowledge series, this guide aims to help you navigate the tax resolution process and what happens afterward. This includes the first step in the tax resolution process: the tax transcript analysis.

Image: Cover of the Essential Tax Resolution Survival Guide by Patrick J. Best, Esq. This book discusses the tax resolution process, including tax transcript analysis.

If you would like to discuss your personal situation or if we didn’t answer your specific questions in our show, just give us a call and we’d be happy to discuss your case. Our consultations are completely free so you have nothing to lose. If you’d prefer to e-mail us, just click here for a free consultation. Our tax attorney will be happy to start working on your case immediately.

Contact us for your tax tax transcript analysis

Take back control of your financial future. Providing both immediate relief and long-term solutions, tax resolution could be the answer you have been looking for. Our attorneys strive to make this process as easy as possible by offering flexible payment options and financing.

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The best part is that we can start the whole process over the phone or by video conference so you don’t even need to come into the office! We make everything as easy as possible for you from start to finish. Call us today.