When you file an income discrepancy report with the IRS, you will need to provide evidence to support your deductions. This can be a difficult process, but with the help of this guide, you will be able to provide the IRS with the information they need to properly process your report.
What Information Will You Need To Provide?
To file an income discrepancy report, you will need to provide the IRS with the following information:
- Your Adjusted Gross Income (AGI)
- Your Expenses
- Your W-2 Forms or Tax Returns
Any supporting documentation you have, such as receipts, statements, or invoices will also be needed. Once you have this information, follow these steps to file your report:
Step 1 – Prepare Your Tax Return Transcripts
You will first need to prepare tax return transcripts to support your deductions. This can be done by calling the IRS toll-free number and requesting a transcript be mailed to you. You will also need to keep a copy of these transcripts for your records.
Step 2 – Complete Your EIV Income Discrepancy Report
Once you have your transcripts and tax return information, you can begin filling out your EIV Income Discrepancy Report form. This form will ask for detailed information about your expenses and income. It is important that you provide all of this information accurately so that the IRS can process your report correctly.
Step 3 – Mail Your Completed Report To The IRS
Once you have completed all of the steps above, it is time to mail your completed report to the IRS. You should send this report by certified mail so that there is proof of its delivery. You will also need to include a copy of your tax return transcripts and any other supporting documentation.
What Happens If You Don’t Have This Information?
If you do not have the information needed to complete your EIV Income Discrepancy Report form, you may need to contact an accountant or tax preparer to help you gather this information. This is because the IRS requires specific information in order to process these reports correctly.
Final Words
Now that you know what to expect when completing your EIV Income Discrepancy Report form, be sure to get everything done in order so that the IRS can process your report as quickly as possible. Filing an income discrepancy report can be a difficult process, but with the help of this guide, you will be able to provide the IRS with the information they need to properly process your report. Attend the Compliance Prime webinar to learn more about EIV income discrepancies.
