IRS Tax Relief 1st Step
The very first step in settling your IRS tax debt is getting your IRS Snapshot. The IRS compliance check. is a complete snapshot of your entire record and history with the IRS all summed up into one informational packet.
TLDR;
The IRS Snapshot is the first step on all IRS Tax debt cases.
Gathers a Breakdown of the year-by-year balances owed to the IRS
Missing Tax Filings & filing requirement report
Exposes the IRS Write off Date of the balances, known as the Collection Statute Date
IRS Transcripts verifying account history, payments & reported 3rd party income sources
The IRS Snapshot is the complete report detailing your IRS Account history. This is also known as an IRS Compliance Check.
The first thing on all IRS Tax Debt cases is to get the IRS Snapshot. The IRS Snapshot is a breakdown, year by year, of the balances that you owe to the IRS, getting the exact date when the IRS will write off the balance down to zero. In Addition, gathering the appropriate transcripts for the account to review historical transactions & 3rd party income reporting.
IRS Tax Filing Compliance Reporting
The snapshot would also show what years you have missed with the IRS & are not filed. IRS Tax filing compliance is required in order to qualify for certain IRS Tax Relief Programs such as the IRS Offer IN Compromise program. If you are not in tax filing compliance, the IRS would not even consider looking at a submitted IRS OIC if you are not in tax filing compliance.
IRS Transcript Analysis
Certain red flags may pop up in your IRS Transcripts. The proof of some fraudulent activity may be in the IRS Wage and Income Transcripts. If there's income that's reported to you but you never worked for that employer. The Wages & Income Transcript has reported income from 3rd party payors & other informational sources such as mortgage interest paid & certain retirement account contributions & Fair Market Value.
The following are the common types of source reporting documents:
W2s (Wages from Employers)
1099 NEC ( Non Employee Compenstation
1099 MISC (Other Income)
1099C (Cancelled Debt Income)
1099B Brokerage Transactions
1098 Mortage Interest Payments
5498 Account Contributions
Sch K1 from S Corp, LLCs & Trusts
IRS Snapshot FAQs
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The IRS snapshot should not be skipped.
The IRS account history reveals several factual pieces of information on your account such as:
The root cause of problems
Missing Tax Filings
Collection Statute Expiration Date
3rd party income reporting & alert for fraudulent activity
The information would lead to finding the appropriate solutions such as:
IRS Offer In Compromise
Currently Non Collectible Program
IRS SFR Tax Return replacement
Innocent Spouse Relief
ID theft Claim
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Yes! it is your taxpayer right to know your entire tax situation. By contacting the IRS directly, the IRS Agent will be able to provide all the information you need.
However, getting it done by the IRS Tax Relief experts with Semper Tax Relief, we are able to ask all the necessary questions to get the complete snapshot needed to fix your tax problems. Many IRS agents may just give out general information without giving all the information if you do not ask for.
We make it simple & easy to get a Snapshot for our clients. To get started, we offer a free case review.
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The 2 IRS transcripts that are part of the IRS Snap Shot are:
1) Account Transcript
2) Wages & Income Transcript.
The IRS Account Transcript has the historical account information for a particular year. The information on the IRS account transcript has if the Tax return was filed, and the date of processing of a tax return. It would also contain if there is a Balance for a tax year that includes the Interest & penalties. If there are payments on the account, it would have the payment amounts. In addition, the Account Transcript has any types of IRS assessments such as Under Reporting of Income such a s CP2000 or an IRS examination or Adit.
The wages & Income Transcript details the 3rd party reporting of income sources & other information account such as contributions to a retirement account ( 5499) and mortgage interest payments) .
The IRS Snapshot is the very first step in fixing your Tax Problems.
This is the very first step so that your IRS historical records can detail the root cause of problems, and get detailed information to determine which IRS Tax Relief Program would be the best available for your situtuation.
