Lost your tax records?
Dont worry! All is not lost! You can request unmasked income transcripts from the IRS either by phone or going online and using Get Transcript tool on the IRS website. The income transcripts shows data from information returns that is received by the IRS such as Forms W-2, 1099, K1,1098, student loan interest and Form 5498, IRA Contribution Information etc. If you paid estimated tax payments and/or applied an overpayment from a prior year return, you can request tax account transcript a few weeks after the beginning of the calendar year to confirm your payments prior to filing your tax return.
The income transcript will not have all your deductions. You will need to refer to you bank account and credit card statements to determine deductions such as charitable donations, property taxes etc. However dont make the mistake of not filing your tax return! The IRS will not accept that excuse. IRS will create a tax return for you based on the information it has on file and start collection activity. Such a tax return is called substitute for return. It does not reflect accurate information and the tax owed is much higher than what you would have owed if you had filed a tax return.
If you continue to ignore the IRS notices, your future tax refunds will be offset by the IRS against such incorrect tax amount. It gets complicated and difficult to get that money back.
We help our clients reconstruct tax records and get them into compliance. If you have lost your tax records dont give up on filing your tax return. Give us a call at 602-904-6535. We are here to help you get back on track with the IRS.
3707 E Southern Ave
Mesa, AZ 85206
Vani Murthy, CPA | 11/08/2020