Transcript Analysis

Transcript Analysis

The Internal Revenue Service keeps a database of information. Each set of data is tied to each Tax Identification Number (TIN). The information is then recorded on account transcripts. It displays activity on the TIN for each tax year. If you have an unresolved IRS tax issue, it is recommended that you keep track of what’s on your IRS account transcript. At Tax Defense Partners, we are experts at transcript analysis.

Understanding Transcript Analysis

To the untrained eye, account transcripts can be challenging to comprehend and digest. A transcript analysis is a gateway into the IRS’s future and current actions with taxpayers who have a heavy tax burden. This type of analysis provides critical information that is useful for the development of a permanent resolution to a personal or business tax problem.

According to the IRS, account transcripts can be used to validate income and tax filing status during tax preparation, for small business loan applications, for student loan applications, for mortgage applications, and more. Clearly, these transcripts contain useful information, and that’s why you should what the IRS knows about you.

Transcript Analysis

Transcript Analysis Experts

Tax Defense Partners covers the following areas of transcript analysis. They include:

  • Verification of nonfiling letters: This is a transcript that is automatically produced when the IRS has not yet processed your filed return or does not have your return on file. Taxpayers are known to use this transcript to apply for public benefits, e.g. low-income housing.
  • Wage and income transcripts: It contains a listing of information statements that showcase reported income to the IRS. You can use this transcript to keep a personal record of income, verify employment, accurately file an extended tax return, and more.
  • Return transcripts: These transcripts showcase lines from the original tax return. If you need a copy of your tax return for financial aid application, return transcripts are useful.
  • Account transcripts: This type of transcript provides an overview of your account. It usually shows credits, withholding, extensions, filings, and other follow-up transactions on your account.
  • Record of account transcripts: A combination of return and account transcripts. This transcript is especially helpful if a taxpayer wishes to file an amended return.

Should You Work With A Tax Professional for Transcript Analysis?

It is true that anyone can obtain their account transcript from the IRS government website. However, deciphering it can be a complicated task for many taxpayers. That’s why, the best course of action is to seek the assistance of experienced tax resolution experts.

With your authority, Tax Defense Partners will immediately pull your record and update you on the IRS’s proposed actions regarding your tax problem. We utilize our expertise in transcript analysis to prevent IRS’s actions from inhibiting the continuance of your economic life.

Transcript Analysis

Choose Tax Defense Partners For Transcript Analysis Services

At Tax Defense Partners, our dedicated tax resolution experts have nearly two decades of experience with transcript analysis. We can accurately decipher IRS taxpayers’ history so that our clients are well informed and can take effective steps to resolve their IRS tax matter permanently.

Our transcript analysis solutions include a breakdown of your risk for collection, your IRS payment history, the collection statute expiration date (CSED), any tax liens or levies released or filed, interest and penalties you have accrued, and active IRS demand letters. All in all, you can rest assured that we have the means and expertise to secure your transcripts.

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Schedule a free consultation with Tax Defense Partners today!