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May 2022

Photo of girl looking at documents illustrates blog: "How to Get an IRS Transcript?"

How to Get an IRS Transcript?

Do you need an IRS Transcript? Then keep reading! In this article, we answer the most common questions about IRS transcripts, from a basic definition of IRS transcript, to who needs a transcript, and how to get a transcript from the IRS. 

What Is an IRS Transcript?

Simply put, an IRS transcript is a record of your previous tax returns that shows different kinds of information, depending on the type of transcript. 

There are five types of IRS transcripts:

  • Tax return transcript. Includes most line items from your original Form 1040 tax return, along with any forms and schedules. Note that it doesn’t include changes made after you filed the original return. This type of transcript is available for the current and three previous tax years. 
  • Tax account transcript. Provides basic information such as filing status, taxable income, and payment types. It shows changes made after you filed your original return. It’s available for the current and nine previous tax years (online) or the current and three previous tax years (by mail).
  • Record of account transcript. Combines the two previous transcripts into one. It’s available for the current and three previous tax years. 
  • Wage and income transcript. Shows data from forms such as Forms W-2, 1098, 1099, and 5498. It’s available for the current year and nine previous tax years.
  • Verification of non-filing letter. Shows that the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It’s available for the current year and the three previous tax years.

It’s worth remembering that an IRS transcript isn’t the same as a photocopy of your return. If you need a photocopy, you’ll have to submit Form 4506, Request for Photocopy of Tax Return, and pay a fee of $50 per copy.

Who Needs an IRS Transcript?

The most common use of IRS transcripts is to provide information to lending institutions when you apply for a loan or mortgage. 

IRS transcripts are also helpful when it comes to retrieving information you may need to apply for housing assistance or federal programs. 

How to Get an IRS Transcript?

The IRS recommends taxpayers to request their transcripts online. 

To do this, you’ll have to visit or create your online account here. If you don’t have  an existing IRS username, have your photo identification ready. 

If you can’t request your transcript online, you can get your tax return or tax account transcript by mail by clicking on this link or by calling the IRS at 800-908-9946.

Have Tax Questions? Contact JT Tax Services

Need help getting a tax transcript? Want to learn more about the tax obligations of businesses? At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our wide array of tax services.

Photo of smiling woman behind laptop illustrates blog: "What You Need To Know About the Employer Identification Number (EIN)"

What You Need To Know About the Employer Identification Number (EIN)

If you are a business owner, sole proprietor, or run a non-profit, you are required to have an Employer Identification Number. In today’s post, we tell you everything you need to know about EINs, from a basic definition to how to get yours online. 

What Is an EIN?

The term “EIN” stands for Employer Identification Number, and as the name suggests, this is a unique number assigned to employers by the IRS. 

EINs are useful because they help the IRS identify taxpayers who have to file certain business tax returns.

Some of the organizations that usually must have an EIN include:

  • Employers
  • Sole proprietors
  • Corporations
  • Non-profit associations
  • Partnerships 
  • Trusts
  • Estates
  • Government agencies
  • Other business entities

How Do I Request My EIN?

While the IRS accepts requests by fax or email, the internet is the most popular option to get your Employer Identification Number.

To apply for your EIN online, just visit this website and provide all the information the system requests.

Before you get started, it’s important to remember that:

  • You may apply online for an EIN if your main business is located in the United States or its territories.
  • The person applying online must have a valid tax identification number (ITIN, EIN, SSN).
  • There’s a limit of one EIN per responsible party (the person who exercises effective control over the business entity) per day. 

Make Sure to Keep Your EIN Information Up to Date

As with any other form of identification, it’s important to ensure that the information associated with your EIN is always up to date. 

The IRS asks holders of EINs to report any new information within 60 days of the change taking place. 

Most changes (like changing the name of your business, for example) do NOT result in you having to get a new EIN. However, if the structure or the ownership of the business changes, then you’ll probably have to request a new number.

Have Tax Questions? Contact JT Tax Services

Need help with your EIN? Want to learn more about the tax obligations of businesses? At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.

We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our wide array of tax services.