The Tax Insider: Lost Your IRS Records?

IRS records

The IRS have lots of request from taxpayers who want to get back to the system. One of the main concern is that they’ve lost their IRS records and need to file their back income tax return for prior years.

It’s easy to reconstruct your records. If you’re one of these taxpayers who want to do the right thing, here is a quick guide on how you can work it out with the IRS:

Contact the IRS

There are several ways to get your tax information for prior years from the IRS. These options will help you get the information of tax forms that you need:

Tax Return Transcript

This transcript will show most of the line items, forms and schedules from your originally filed tax returns. Mostly, tax return transcripts are available for the current tax year up to the past three tax years.

Tax Account Transcript

This transcript shows all the adjustments you made and the adjustments by the IRS as well after filing your return. You can request both of these transcript types by phone or by mail. It’s a good idea to consult a tax expert before you contact the IRS to guide you with the process.

In Obtaining Tax Copies

Meanwhile, if you wish to have a copy of your past tax returns, the IRS generally have them from the current tax year up to the past six years. Obtaining these tax copies doesn’t come for free, unlike tax transcripts which readily available with no cost. There’s a fee for each copy that you’ll order from the IRS, to request a tax copy, simply complete IRS Form 4506 and mail it to the IRS office for your area. If everything turns out alright, you can expect the tax copies delivered to you five to ten days starting from the day that the IRS received your request.
Just imagine if you ordered all the tax copies and you later found out that it’s not necessary?

Before you make an order to the IRS, you need to identify first what has lost. Then rank the relative importance of your determined lost IRS forms that warrant the time and expense.

As a responsible taxpayer, you should reconstruct your tax records with the best of your ability. You must think what’s supposed to be your tax earnings from prior years. You can do this by using a monthly average for each of the years. Further, if you have bank statements, try to figure out what were your total deposits for those prior years.

As we always recommend, it’s always best to let tax professionals handle your tax situation. Considering they understand all the standards and methods used by the IRS, they can do all the possible resolution to your tax issue.

It’s great news that Financial Rescue LLC partnered with tax experts like attorneys, CPA’s and former IRS agents to help you with all of your tax problems. Call now at 1-877-97-33287 for a free consultation.