However, now that Tax Resolution software makes accessing transcripts easy, there’s no reason not to use transcripts for nearly every case.
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Tax transcripts are treasure troves of information. Accessing and deciphering that information, however, is another thing entirely. Until recently, accessing and translating transcripts was prohibitively difficult. It was often easier to get as much information from the client as possible and hope it was accurate.
However, now that Tax Resolution software (like Canopy!) makes accessing and translating transcripts easy, there’s no reason not to use transcripts for nearly every case.
An account transcript is an annual record of a taxpayer’s account with the IRS. These documents are available from the 1980’s through the current year. Account transcripts are a good way to check for:
Account transcripts are arranged annually and are updated weekly.
A wage and income transcript shows a taxpayer’s detailed income as reported to the IRS. A wage and income transcript is where all of a taxpayer’s information concerning W-2s, 1099s, 1098s, K-1s, and 5498s is shown and can be helpful for verifying employment or filing an extended tax return.
These transcripts can be longer than 100 pages, but tax professionals may also request a one-page summary version. Wage and Income transcripts are available for the prior 10 years, but the most recent year’s information may not be complete until July.
A tax return transcript shows most line items from a taxpayer’s tax returns as they were originally filed. This transcript won’t reflect any changes made after the return was originally filed, whether by the taxpayer, a tax professional, or the IRS.
A tax return transcript is usually needed by institutions that offer mortgages and student loans. You can request a tax return transcript for the current tax year and the prior three years, but information usually takes 3-6 weeks to post after acceptance of a return.
We’ve got a whole ebook for that. Download IRS Transcripts: An Easy-to-Understand Guide now for free!
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Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
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