Our Transcript Analysis Provides Critical Information That Is Useful in Developing The Key Components To A Permanent Resolution For Your Personal Or Business Tax Problems. 

How long does the IRS have to collect back taxes?

How long does the IRS have to collect a tax debt? Do unpaid taxes ever expire? If you owe taxes to the IRS, you may have these questions. As a general rule, the IRS has ten years to collect back taxes or tax debt. There are exceptions.  Talk to DQ Tax Service to find out what your exceptions are.

In general, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debt.  After that, the debt is wiped clean from its books and the IRS writes it off. This is called the 10 Year Statute of Limitations.

It is not in the financial interest of the IRS to make this statute widely known.  Therefore, many taxpayers with unpaid tax bills are unaware this statute of limitations exists. In addition, like most IRS rules, the nuances of the statute  can be complex and difficult to understand. This article explains what tax debtors need to know in order to decide if it is financially advantageous  for them to “wait out the IRS.”

Those choosing this option must be prepared for the IRS to leverage all its legal tactics to collect during that period. Toward the end of the Collection Statute Expiration Date (CSED), the agency will likely become even more aggressive in its collection actions.

How Much Do I Owe in Taxes to the IRS? 3 Ways to Find Out

If you owe tax to the IRS but aren’t sure how much you owe, there are a few ways to find out. You can do that online, over the phone, or through the mail. The most reliable ways are over the phone or by using the online tool offered by the IRS since mail you receive from the IRS may not contain total balances for all years or mail could have been lost. 

Or you can let DQ Tax Service do the work for you. There’s one simple answer for getting all your records of tax filings, income, and account activity from the IRS: tax transcripts. But it’s not that simple at all.

Many people have never heard of a tax transcript – much less understand why they may want to access theirs. And because IRS transcripts aren’t exactly easy reading material, people get confused after they have their transcripts in hand.

Here are the most common questions and answers to help you understand IRS transcripts.

Why would I want to get my tax transcript?

Most of the time, people use tax transcripts to:

• Understand their status with the IRS
• Get their income or filing history
• Verify their tax return information for a third party, such as a lender or for a legal issue
• Prepare accurate and complete tax returns that show all their income reported to the IRS
• Help resolve IRS tax notices, discrepancies, and other issues
• Research their account if they’re under IRS audit

What’s an IRS Account Transcript?

The IRS keeps a database of information regarding each Tax Identification Number (TIN).   The information is recorded on Account Transcripts, that show activity on the TIN for each tax year.

What is Transcript Analysis?

To the untrained eye, these Account Transcripts can seem to be in a different language.  DQ Tax Service has over 25 plus years of experience with transcript analysis and will decipher your IRS account history so that you are well informed and can take the necessary steps to resolve your IRS tax matter. Our Transcript Analysis service includes a breakdown of active IRS demand letters, penalties and interest you’ve accrued, any tax liens or levies filed or released, the Collection Statute Expiration Date (the Government’s right to pursue timeframe), your IRS payment history and if you are at risk for collection.

Why is Transcript Analysis important?

The Transcript Analysis is a gateway into the IRS’s current and future actions with taxpayers who have years of unfiled tax returns or have a heavy tax burden.  It provides the exact information that the IRS has – critical information that is useful in developing the key components to a permanent resolution to a personal or business tax problem.  As the IRS states, “IRS transcripts are often used to validate income and tax filing status for mortgage applications, student and small business loan applications, and during tax preparation.” Clearly, Taxpayer transcripts contain very useful information, and you should know what the IRS knows about you.

How can a Taxpayer of obtain their IRS Transcript (or Tax Record of Account?)

Anyone can obtain their taxpayer transcript from the IRS government website, however, obtaining it quickly and deciphering it can be complicated.  The best course of action is to obtain your transcript with the help of experienced tax resolution experts such as those at DQ Tax Service. With your authority, our certified tax professionals will immediately pull your record and inform you on what the IRS is most likely to do next regarding your tax problem. We’ll step into your shoes and head-off the IRS from actions that could inhibit the continuance of your economic life. DQ Tax Service is committed in providing you with an actionable resolution strategy to permanently solve your tax debt problem.

Contact our team at DQ Tax Service today and get on the right track for your taxes.  Let the upcoming year be a year that you are at ease with your taxes and relax in life with other things that are more enjoyable and important.