If you’re not sure about where your business stands with the IRS or how much you owe personally, you may feel worried or frustrated. Luckily, there’s an easy way to learn more about your personal or business tax situation – the Tax Facts Report.
Created by 20/20 Tax Resolution, this tool offers a quick way to find out what you owe, view missing tax returns, and find out actions the IRS may take. You can do all of this without reaching out to the IRS or sitting on hold for hours.
Keep reading to find out how to use the Tax Facts Report and what to look for when finding out what you owe the IRS.
Key Takeaways:
- Tax Facts Report – a fast, easy, and private way to view your business’s total IRS balance, check for missing tax returns, and assess potential IRS enforcement actions.
- What’s in the report? Missing tax returns, outstanding balances, and pending collection actions.
- Why pull a report? To spot red flags like filed tax liens, wage garnishment risks, and other enforcement actions so you can take steps to protect your assets now.
- How to get the report? Visit TaxFactsReport.com, enter your information, and get a full summary of your IRS status in minutes.
What Is the Tax Facts Report?
20/20 Tax Resolution developed the Tax Facts Report to provide a fast, easy tool for viewing your tax records. The report pulls in all your tax information, providing a comprehensive and clear picture of where you stand with the IRS.
Here’s a brief look at what the Tax Facts Report provides:
- Total balance: Find out exactly how much you owe the IRS. Your total debt owed will include any IRS tax penalties you’re charged with and interest that has built on your account, giving you a true total.
- Tax return status: You may be missing tax returns, which is causing issues with the IRS. Through this tool, you can quickly check if you have outstanding past returns.
- Tax liens: If you have outstanding tax debt, the IRS may place a tax lien against you, which alerts other creditors that the IRS has an interest in your property. The Tax Facts Report shows you whether or not the IRS has filed a federal tax lien.
- IRS risk assessment: It’s helpful to know whether you’re at risk for further IRS enforcement actions. The Tax Facts Report tool helps you assess your risk for IRS levies, wage garnishment, passport revocation, or refund offsets.
One of the best things about the tool is that it’s completely private, so you don’t have to worry about your data being at risk. It’s quick and easy to use, and everything is available online. The Tax Facts Report makes it a lot easier to get on top of your tax situation without having to call an IRS agent.
Who Should Use the Tax Facts Report?
Anyone can use the Tax Facts Report to view their tax status and current balance with the IRS – they just need an internet connection and basic info to verify their identity. But who can benefit most from the tool?
Here are situations when it’s especially helpful:
- You need to confirm your total tax balance to set up a payment plan or pay off your debt.
- You’re not ready to hire a tax professional but want to know more about your situation.
- You’re not sure what an IRS notice means that you got in the mail.
- You’re worried you haven’t filed all your required tax returns, but you’re not sure.
- You’re not sure if the IRS will be taking enforcement actions to collect your debt.
- You want to be informed about your tax situation.
Sometimes you may just want to stay on top of your tax information to plan for the future or maintain accurate records; other times, you may be dealing with a high tax balance and need to know exactly how much you owe. The Tax Facts Report provides clarity.
Does Getting a Tax Facts Report Flag My File to the IRS?
Absolutely not. Pulling a Tax Facts report doesn’t create any red flags with the IRS. Some taxpayers, especially if they haven’t heard from the IRS in a while, are worried that pulling a report might “wake up” their case or send off alarm bells with the IRS.
Luckily, that doesn’t happen. Pulling a Tax Facts Report lets you see exactly what’s going on with your tax account, and it doesn’t create any alerts or give the IRS any additional information about you.
Top Benefits of the Tax Facts Report for DIY Taxpayers
When contacting the IRS directly, it’s common for people to deal with long wait times on the phone or long response times for written correspondence. The Tax Facts Report solves this problem and offers these other benefits:
- Fast results from an easy-to-use tool.
- No hassle of dealing with the IRS.
- Full knowledge of your IRS status before taking action.
- Deal with serious actions, like liens, early so you can prevent escalations.
- Avoid additional penalties by identifying missed returns.
The Tax Facts Report puts control back in your hands, so you don’t have to deal with the government directly to gather all your applicable tax information in one place.
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We Are Committed To Finding SolutionsLearn More3 Steps to Getting Your Tax Facts Report
The Tax Facts Report tool is simple to access and use. Follow this step-by-step guide to start taking control of your tax status:
Step 1: Go to TaxFactsReport.com
The URL is easy to remember, as it’s the name of the tool. Visit TaxFactsReport.com to view options for purchasing a business or individual report, and get started with just a couple of clicks.
Step 2: Enter Your Information
Through the system, you’ll enter your personal details in a secure format so you know you’re never at risk. Providing just a few facts will initiate the process of accessing your tax status report.
Step 3: Get Your Summary
In mere minutes, you’ll receive your complete Tax Facts Report that summarizes everything you need to know about your IRS situation and outstanding tax balance.
What to Do with Your Tax Facts Report
After you have your report, what do you do next? Depending on your situation, here are a few next steps to get back in good standing with the IRS using your tax information:
- If you owe taxes, your options are:
- Pay off your balance in full.
- Request an installment agreement to pay off debt over time.
- Settle your debt for less through an offer in compromise or partial payment installment agreement (PPIA).
- Request currently not collectible (CNC) status if going through financial hardship.
- If you uncover missing tax returns:
- File your late returns as soon as possible to avoid additional penalties or enforcement actions, like asset seizure.
- If you verify that you have a tax lien:
- Pay off your balance to get the lien released within 30 days.
- Request a payment plan with direct debit to qualify for lien withdrawal – to qualify, you must owe $25,000 or less and be able to pay off your balance within 60 months or by the Collection Expiration Date if sooner.
- If you have a risk of levies or garnishment:
- Act fast to get your debt paid off or set up a plan with the IRS to prevent the agency from moving forward with wage garnishment or asset seizure. If the IRS has sent a Final Notice of Intent to Levy, you generally only have 30 days from the notice date to appeal the levy.
What you do with your report will depend on why you need it, your tax balance, your risk for IRS enforcement actions, and other factors. Pay close attention to the details in your Tax Facts Report to figure out the exact next steps. Always act quickly to prevent further penalties and more serious IRS actions.
Why You Need the Tax Facts Report from 20/20 Tax Resolution
With facts at your fingertips about your tax situation, you’re empowered to act. The Tax Facts Report tool from 20/20 Tax Resolution gives you control over the situation. Without ever talking to the IRS, you can learn about your outstanding balance and assess your risk for more serious IRS enforcement actions.
The report provides everything the IRS knows about you so you can act before they do. Get your complete Tax Facts Report to get back in good standing with the IRS and avoid further tax issues.
Visit TaxFactsReport.com to get your full report today. If you have questions about the process, reach out to 20/20 Tax Resolution for assistance.
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