If you are experiencing discrepancies in your EIV income, it might be a good idea to take a look at your report. A discrepancy report is an important tool that the IRS uses to detect and correct income inaccuracies. You can access your report online or by requesting a copy from the IRS. Property Managers need to effectively address EIV income discrepancy reports.
In this article, we discuss how to read the report and what to look for.
Step 1: Download the Report
If you have access to the internet, the first step is to download your report. You can access your report by going to IRS.gov and clicking on “EIV Income Discrepancy Report.” The website will take you to a page where you can download your report.
If you do not have access to the internet, you can request a copy of your report from the IRS by completing Form 4506, Request for Copy of EIV Income Statement. This form can be found online at IRS.gov or in many public libraries.
Step 2: Review the Contents of Your Report
Once you have downloaded your report, the first step is to review its contents. The report includes information about each discrepancy in your income and explanations of why the discrepancies occurred.
The following are some key points to remember when reviewing your report:
- Your name, social security number, and date of birth are listed on every page of your report; these are the same information that appears on any income tax statement that you file with the IRS.
- The date range for which the discrepancy was found is listed at the top of each page of your report; this information will help you determine which years may contain inaccuracies in your income.
- Each discrepancy is summarized in one or more paragraphs, and explanations are provided for why each inaccuracy occurred.
- Each page contains a table that lists all of the discrepancies found within a particular date range and indicates whether they were corrected (by increasing or decreasing reported income) or remained unchanged (in which case they were considered potential tax errors).
- If corrections were made to reported income, those corrections are indicated in red next to the corresponding totals on both summary pages (this information can be used to verify that all taxes were filed correctly).
- If no corrections were made to the reported income, the total amount of the inaccuracy is indicated instead.
- The last page of your report includes a blank space for you to enter the amount of taxes you owed as a result of the reported income discrepancies.
Step 3: Identify any Issues
There may be other issues with your taxes that were not identified in this report. To review your entire tax filing process, you can use the Tax Filing Error Look-up tool on IRS.gov. This tool can help you identify potential errors and correct them before you file your taxes.
Step 4: Take Action
If you have identified any potential tax errors on your EIV Income Discrepancy report, it is important to take action to correct them. You can use the e-file Return Corrected Tax Forms tool on IRS.gov to submit corrected tax forms electronically. You can also print out and mail in your corrected tax forms.
Final Words
The EIV income discrepancy report is a valuable tool for identifying issues with your business. By following the steps outlined in this article, you can ensure that your taxes are correctly reported and corrected if necessary. Attend the Compliance Prime webinar to learn more about EIV income discrepancies.
