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Understanding the New IRS Tax Transcript

Understanding the New IRS Tax Transcript

On August 23, 2018 we posted IRS to Introduce New Tax Transcript as of 9/23/18!  where we discussed that the IRS announced in IR-2018-171 that it is moving to better protect taxpayer data, in a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series. 

This new transcript replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23. Financial entries will remain visible, which will give taxpayers and third-parties the data they need for tax preparation or income verification.

The IRS is now published a fact sheet and FAQsto help you better understand the new IRS tax transcripts.

Here is a sample: New Tax Transcript (PDF)

Because the taxpayer’s SSN no longer can be used as a tracking number for third-party requesters, the IRS is creating a Customer File Number that third parties may use as an identifying number. The Customer File Number created by third party on Form 4506-T/T-EZ, Request for Transcript of Tax Return, will populate on the transcript, allowing a redacted transcript to be matched to a taxpayer.  

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Read more at: Tax Times blog

 
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