The Tax Account Review Service (TAR) service is designed to help taxpayers that need specific information about the status of their account with the Internal Revenue Service (IRS). Many taxpayers complain about receiving inconsistent or incomplete information from the IRS. This service provides taxpayers with clear and concise information about the status of their IRS account.
As part of the Tax Account Review, your tax professional will provide a year-by-year break down detailing how much is owed for each particular tax year as well as a correct accounting of all tax returns. Many taxpayers are actually surprised to learn they owe less money to the IRS then previously believed. Unfortunately, there are stories each year of tax returns being lost, not processed, or even stolen. If the IRS doesn’t show that a tax return was filed in their records then they could file one for you, which might result in a large tax liability with the IRS.
The IRS has a limited amount of time to collect back taxes, called the statute of limitations. With a Tax Account Review, you will know exactly when tax debts will expire. This information is especially useful for taxpayers that have older tax liabilities or are on a Currently Not Collectible status with the IRS.
Moreover, this can help determine whether the IRS has filed a tax lien. An IRS tax lien attaches to all property and may appear on a credit report. Knowing in advance whether you have a tax lien prepares you for situations if you plan to sell a secured piece of property or apply for credit.
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