Understanding IRS Transcripts: A deep drive into IRS Account Transcript Analysis
EVENT DATE:
PRESENTER(s): Daniel J. Pilla
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
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Conference Material (Password Required)The IRS’s Integrated Data Retrieval System is a massive computer system that logs billions of data entries for hundreds of millions of business and personal taxpayers every year. That massive system is broken down into several separate accounts which store vital taxpayer information on a year-by-year basis. One of the most important first steps to successfully representing taxpayers before the IRS, or even to preparing current tax returns, is to get the client’s internal transcripts.
The problem is that are several internal transcripts that present various data. One must understand which transcripts to obtain depending on the information needed. But that’s only half the battle. Master File transcripts are heavily coded. Unless one understands the codes, there’s no way to make sense out of the transcripts. This webinar presents solutions to all these challenges.
- Understanding each of the seven different internal transcripts used by the IRS
- The various methods and steps available to obtain transcripts
- The different data recorded in each transcript
- Exactly how to determine whether and to what extent a client is a tax return-nonfiler
- The precise tax years for which a client is delinquent, and the total amount owed
- The nature and amount of penalties assessed
- How to obtain W-2 and 1099 income reports filed with the IRS by third parties
- How to use transcript data to calculate expiration dates for the collection statute limitations, the assessment statute of limitations, and the refund statute of limitations
- Whether the IRS has engaged in enforced collection, such as levies and liens
- Exactly what letters and notices have been mailed, and for which tax years
- How to get account data for a deceased taxpayer
We identify the various Transaction Codes used in the IRS’s Individual and Business Master File systems, and how to read and interpret those codes. And we address the IRS’s very obscure “mirrored transcript” which is created in innocent spouse and bankruptcy cases. Finally, we address the use of transcripts in calculating critical tax bankruptcy discharge eligibility dates.
The information you’ll learn in this Session will unlock the door to vital and indispensable information that the IRS keeps on your clients, which you absolutely must have access to if you’re going to be effective in your job.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00096-24-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
