One of the most confusing elements of working with an accountant can be knowing what they need. Since requirements change from job to job, state to state, it’s hard to give a definitive list. However, as a golden rule we would recommend trying to look out for anything on the following list;
- Form 1098 (notes any particular mortgage interest)
- Form 1098-C (if you provide any, this is for your vehicle contributions to charity)
- Form 1098-E (typically the interest which has accrued on your student loans)
- Form 1098-T (tuition fees)
- Business expenses (can vary heavily)
- Child care expenses
- Gambling
- Medical and/or moving expenses
- Personal property taxes
- Real estate taxes
- Stock losses and/or gains
- Charitable gifts
- Rental costs
This list shall cover a large selection of the forms that you need. However, what do you do when you don’t have these forms in the first place? What can you do if you would like to get access to these forms without having to already have them?
Now, the main issue should be trying to get them all back together. The IRS will be in receipt of copies of all of your tax documents. As such you can contact the IRS for copies of your tax documentation. You can do this yourself or you can have your CPA carry out the request for you if you are not sure of what to do or how to get access.
Your accountant is also eligible and should be asking to get copies of your wage and income transcripts. The IRS should have these for you and they can be faxed directly to your accountants’ office to save time. This makes them very useful systems to start making use of
These documents can be essential in helping you fight back and make a genuine difference in your career. However, to manage through all of this you will need to authorize your accountant to start talking to the IRS for you. This obviously takes some time and means you are left in limbo for a little while.
However, it does allow your accountant to manage the service on your behalf and avoid any mistakes. When you don’t know how to talk to the IRS properly, they can make fools of you!
These are very tough operators and as such it takes a lot of work to get around their questions. To make this as likely as possible you need to concentrate on allowing your CPA manage the process for you. They are likely to be more effective at managing the process and cleaning up the issues you will likely face later.
Get your accountant to send off for a Form 8821 or a Form 2848, which will allow you to make the necessary movements next. Always refer to your CPA when you need copies of any of the above, as they’ll be more likely to get them for you than yourself.
