We’ve recently begun looking at transcripts of our clients. We’re trying to understand the codes found on the transcripts. Any suggestions for how to best read / decipher them?
Transcript transaction codes represent actions on your client’s IRS account and provide a literal description of the action. For routine filers with no post-filing compliance activity, account transcripts are often easy to interpret and understand. However, if your client has post-filing compliance activity, such as tax notices and correspondence back and forth with the IRS, transcripts can be confusing. The IRS Transaction Codes Pocket Guide offers explanations for transaction codes.
Here’s a link to the pocket guide: https://www.irs.gov/pub/irs-utl/transaction_codes_pocket_guide.pdf
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