Many people do not realize that you can actually view your account profile for the IRS on their website and even request a transcript for a previous tax year. While this is highly convenient, you might be overwhelmed with information. If you have concerns about your compliance with the IRS, you may benefit from having a tax lawyer examine your account transcript.
Your official IRS account contains all of the relevant information concerning your standing with the agency. A taxpayer’s IRS account contains the amount of taxes that they were assessed, any applicable penalties and interest, the dates that the penalties were assessed and/or removed, the dates that the returns were processed, and any type of enforcement history the IRS may have done on that tax form and year.
IRS account transcripts can be difficult to review for most taxpayers. The account transcript clearly shows the total account balance for that tax year and the breakdown of the current period interest and penalties. The account transcripts then show basic information related to the tax return for that year, filing status, adjusted gross income, taxable income, and other basic information.
Finally, the account transcripts contain a list of every transaction on the account, when the return was filed, when payments were made, any enforcement action or additional assessment by the IRS. This section provides a clear summary of what has happened on an account and is useful for a tax attorney to get an understanding of potential issues.
A lot of people find it difficult to navigate through their IRS account, either through transcripts, the letters, or the IRS website. The IRS is a large organization, and the rules are complex and often change. For someone who does not have the basic fundamentals of tax law, it can be information overload, and they may get confused about amounts being added and subtracted, and what the different IRS codes refer to.
An experienced tax lawyer like John Pontius adds incredible value to your case. He can interpret your account transcripts and isolate tax problems by navigating through the overload of information to find the facts and figures related to the actual issue, and not get lost in the weeds of all the other information. For something as important as this, that value goes a long way toward getting you on the right track.
He can also manage accounts for concerned taxpayers by reviewing the account transcript, which is often the first step in determining an effective strategy to move forward. The account transcripts often provide the necessary information to determine where the trouble is and what needs to be done to fix it.
If you have an issue involving your standing with the IRS – such as unreported overseas financial assets, exposure for tax fraud, or questions about FIRPTA withholdings – reach out to Pontius Tax Law. By looking at your IRS account and examining your tax history, we can determine the best course of action.