The IRS maintains a comprehensive database of information associated with each Tax Identification Number (TIN). This information is captured in Account Transcripts, which detail the activity related to the TIN for each tax year. Each transcript provides specific tax information based on the type of transcript requested. IRS transcripts are invaluable for practitioners, offering insights into actions taken by both the IRS and the client. They contain essential details about past, present, and potential future actions regarding a taxpayer’s account. Mastering how to read and review IRS transcripts is crucial for effective resolution and return preparation. Every representation case requires a thorough understanding of IRS Account Transcripts, as well as the various types, including Return Transcripts, Wage and Income Transcripts, and Combination Transcripts. Many tax practitioners find Transaction Codes (TC) challenging to interpret; however, these transcripts narrate the client’s journey and will significantly influence the future direction of the case.
Learning Objective
Review the basics of IRS transcripts.
Analyze the most common Transaction Codes (TC).
Explain the process for requesting IRS transcripts.
Discuss various analytical reports related to IRS transcripts.
Topics Covered
e-Services
Transcript Delivery System (TDS)
Types of Transcripts
Form W-2: Wage and Tax Statement
Form 1098: Mortgage Interest Statement
Form 1099-INT
Form 1099-B Proceeds from Broker and Barter Exchange Transactions
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
Attendance Requirement: Yes
Session Duration: 2 Hours
Who Will Benefit:
CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners
About Our Speaker
Marc Dombrowski
Marc J. Dombrowski, EA specializes in IRS/State Collections Cases, settlements with the IRS, Tax Lien Releases and Corporate Officer Assessments. He has lectured since 1994 on advanced collection topics. As an Enrolled Agent, he is licensed to practice before the IRS in all 50 states. He received the NAEA President’s Award for his contributions to the practitioner community.
As an educator, he received the NAEA’s Excellence in Education Award. He is a former contributor to CNBC, the NAEA’s EA Journal and the Wall Street Journal Online. He is a Level I, Level II, Level III and Graduate Level instructor with the National Tax Practice Institute. In addition to several Chapter EA speaking engagements, he has spoken for the NYS Society of EA’s, CA Society of EA’s, Florida EA Society, Missouri Society, NJ Society, Tennessee, Washington, Arizona, Michigan, Georgia, Louisiana, New England EA’s, Utah EA Society, NATP and the Ohio EA Society’s Annual Convention(s). He has collaborated with Tax Practice Pro to provide several Collections Webinars and Podcasts that qualify for Continuing Education on IRS and State Collection Topics. Marc is also a FINRA Arbitrator.
