Posted by Fred Lake

Researching Your IRS Account Is Easier Than You Thought

Researching Your IRS Account Is Easier Than You Thought

You could be one among the many taxpayers who might receive a notice from the IRS every year. The notice could be a piece of information or something that requires your attention. It may involve account discrepancies or it could be a more serious matter like audits or tax identity theft. However, the biggest issue here if you know how to navigate the IRS website.

Researching important information without knowing the keywords won’t give you the correct answer,  can be quite difficult and sometimes a waste of time. That’s why you need to be knowledgeable enough on what things to look out for you to get the complete information you need and essentially, so you don’t waste your time. This article will provide you information to help you get started.

Researching Your IRS Account

The very first step in dealing with an issue with the  IRS is researching your own IRS account. Your record has your IRS account status, tax payments, penalty charges that you had, and any adjustments. It has your wage and income information collated by your employers, banks or other payers that have to file IRS every year. It also has tax returns you filed with IRS and any pending IRS actions. You can simply request for a transcript from the IRS through their website or by calling their hotline (800) 908-9946.

Requesting Transcripts

There are three kinds of transcripts that you can request. The first one is the account transcript, it contains mostly about information on your financial status like payments, penalty assessments, and adjustments made. The second one is the wage and income transcript, this show income information from Form W-2, Forms 1099, etc. The last transcript that you can request is the return transcript wherein it shows information about the tax return filed with the IRS.

Having all this information with you will make your life easier and less hassle. Through this, you can deal with urgent issues before it gets complicated. You can also check whether that notice is correct since notices are released by the IRS automated system so it is not guaranteed whether it is correct or not. It’s always best to be proactive and know what's going on because like they always say, it’s better safe than sorry.

Why Should You Ask For Professional Help

There are some people who are busy at work and they simply don’t have the patience to do it, so they prefer to have it done by someone, and that’s where Tax Professionals becomes helpful. You can authorize a Tax Pro and he will be the one who will do all the things that you needed whether by getting your IRS information or even working with IRS to solve the issue. In this field, a lot of people believe having an expert to help you navigate is better than doing it yourself.  Tax Professionals have their own hotline that you can use to reach them if you want a fast and efficient resolution. 

Authorizing a Tax Professional To Represent You

One of the biggest issue these days is trusting someone if that person is really qualified or if that professional is truly for your best interest. So to avoid confusions and further problem to arise,  before you let them do the task you want them to do, you should authorize them first by using either of these two common forms:  

  • Form 8821: Tax Information Authorization this will allow your Tax Pro to access your IRS information but they cannot work with the IRS to resolve any issue you will have. 
  • The next one is Form 2848: Power of Attorney and Declaration of Representative, this will let your Tax Pro work with the IRS. If you want to know more or if you have further inquiries, you can make an appointment and call your tax preparer’s hotline.

Never forget to bring these four things on your appointment: A copy of notices related to your tax, your tax return(s) in question, a copy of any responses you have sent to the IRS and any transcript you have requested; but if you don’t have your transcript yet, your Tax Pro will be the one to get it for you. Always remember, there is always a solution to everything.

Fred Lake
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