Your Top 10 4506-T Answers

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Taxpayers often ask these questions about IRS Form 4506-T:
1. Why would a person use it? A. This form enables citizens to request copies of previous returns, 1099 documents and W-2 forms from the Internal Revenue Service.

2. Does the government let people ask for any document using Form 4506-T? A. The IRS limits these requests to five different items. They include forms W-2, 1040, 1065, 1099 and 1120.

3. How long does it take the IRS to send the requested information? A. Individuals wait between 10 days and two months. If they request transcripts in bulk, companies may receive the data after one to two days.

4. Is it possible to submit Form 4506-T using a fax machine? A. The Internal Revenue Service allows taxpayers to use its Kansas City fax number.

5. Does the signature on this document expire? A. After a person signs and dates this form, it remains valid until 120 days have elapsed.

6. Can a taxpayer ask for copies of forms from multiple years? A. At most, the IRS permits citizens to request transcripts of tax documents from the previous four years.

7. What information is needed to complete Form 4506-T? A. Taxpayers must provide basic contact details, Social Security numbers and any recent former addresses. Optionally, a person can supply the address of an organization or company that should receive the transcripts.

8. How do forms 4506-T and 4506 differ? A. Although people can utilize both of them for the same basic purposes, 4506 is used to request photocopies. On the other hand, taxpayers receive transcripts when they submit Form 4506-T.

9. When does a late or amended return become available? A. It takes 42 to 56 days for the government to update its database and make transcripts or photocopies available.

10. Why would the IRS reject or fail to process this form? A. Unreadable handwriting or inaccurate information can cause this to happen. Be sure to enter prior addresses correctly.

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How To: Small Business Loan

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When you apply for a small business loan, it is always best to have your paperwork in order to expedite the process. It is important to find a lender you can rely on that has the type of loans your business needs to move forward. With some research and hard work, you can find a lender that will get you the funds you need for your small business.

Small Business Administration Loan

The U.S. Small Business Administration (SBA) has a program in place that helps small businesses to get approved for a variety of loans. The SBA backs each loan that is offered through a national network of lenders, which helps small businesses to get funding. As you look for a lending partner, you should make sure that your lender is certified to offer SBA loans to give you the option.

Your Business Finances

A small business loan application is a comprehensive document that will ask you very focused questions about your business. when it comes to business finances, your lender will want information on your company cash flow, your working capital on hand, any collateral you may be able to provide and the way in which your company handles its financial resources.

Have A Plan In Place

A critical part of your small business loan application is letting the lender know why you need the funds and what you intend to do with them. You can submit your company’s business plan to help make this information clear, but it is always best to draft a specific document that gives this information clearly.

Check And Re-Check Your Application

Many small business owners hire loan application experts to review loan documents before submitting them because one mistake could slow the process down to a crawl. Before you give your completed application to a lender, it is critically important to review the application and make sure that it is complete.

It can take time to apply for a small business loan, and it can take even longer to get the results of your application. But a successful application will help you to get the funding you need to keep your business moving forward.

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What is a Form 4506-T & How We Can Make It Happen

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For a variety of reasons, taxpayers can find themselves in need of tax information from prior tax periods. The process for finding this information is simpler than one might think. The IRS Form 4506-T is the tool used to retrieve tax forms and transcripts from previous years.

Submission

IRS Form 4506-T is not the form used to acquire a past return; IRS Form 4506 is used for previous returns. It is only used for obtaining copies of past tax forms and transcripts. It can be used to retrieve the following forms: 1040, 1120, 1065, W-2 and 1099 and is good for 120 days from the signature date. Once the form has been submitted to the IRS, it can take from ten to sixty days to receive the requested information. The past four tax years can be requested.

Third Party Authorization

The IRS Form 4506-T can also be used to authorize a third party to receive past tax material. It is important to note that the IRS has no control over, and is not responsible for, what the authorized third party does with the information.

Reasons for Rejection

Mistakes and oversights can cause costly delays in getting the request processed. A common mistake is that the address on the form does not match the address for the tax period requested. The addresses can be confusing. The address on line number four should match the tax year for the paperwork the form is requesting. Also, make sure all information is legible and that the document is signed and dated.

As with all government forms, filling out the IRS Form 4506-T can appear daunting at first. If the taxpayer downloads the form from the IRS website, it will come with line by line instructions and general instructions for submitting. Mailing addresses and fax numbers are also be provided.

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4506 Transcripts: How We Work

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From financing a dream home to paying for college costs, most lenders require a 4056 Transcript from the IRS. Since an IRS 4506 Transcript contains income and tax information for up to four tax years, clients can also consider it a kind of fiscal report card. Income, taxable income, date of filing, interest and penalties owed are among the information found on this most valuable document. The 4506 Transcript can also be used to find out if the IRS can levy an account, seize property or collect debt and if a client can do anything to prevent such collection, including filing bankruptcy. We recommend clients seem further guidance from a trusted financial services professional or accountant for such complex tax matters.

At 4506-Transcripts.com, we make obtaining 4506 Transcripts from the IRS a quick and easy process for our clients. Filing 4506-T forms with the IRS is our specialty. We know how to accurately and efficiently provide the information required by the IRS so the transcripts are issued to our clients as soon as possible.

Sending a 4506-T form to us is as easy on our user friendly, client tested site. Once a client uploads a 4506-T form, a dedicated professional begins to analyze the document. If inaccuracies or incomplete information are detected, the form is returned to the client for immediate completion. Once all information is verified and the form complies with IRS protocol, it is immediately sent to the IRS for processing.
If the 4506-T form is rejected by the IRS, we quickly revise the form to meet IRS standards and resubmit it for approval. Once the 4506-T form is approved, the 4506 Transcript is issued. It really can be that simple. In the minimum amount of time and with absolutely no direct interaction with the IRS, our clients receive a wealth of financial information through their own IRS 4506 Transcripts.

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Getting Approved For A Small Business Loan

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One of the biggest hurdles to starting a small business is funding. Many people start their businesses with their own funds or with small loans from friends and family. If those funds aren’t available or you need more money than those sources can provide, a good option may be a small business loan.

What are small business loans?
The Small Business Administration guarantees loans to small businesses that banks make, which takes away some of the risks and helps small businesses get financing when they otherwise not be able to. Because of the guarantee, the SBA has lots of rules that you have to follow that make it fairly difficult to get approved for a loan.

Have a clear purpose
You must have a sound business purpose for the SBA to grant you a loan. Make sure you have a solid business plan and that your business meets all criteria for size, type of business, etc.

You need collateral
The SBA expects its loans to be fully secured by tangible assets, which usually means a business building and equipment, but can be personal property. If you don’t have sufficient collateral, you still may be able to get the loan, but it will be much tougher.

You must be able to repay it
The SBA will look long and hard at your ability to repay the loan. If you are an existing business, you will need to be able to show a solid history of profit as well as good cash flow. If you are a new business, you must have a solid business plan that shows your ability to make loan payments.

Have your information ready
The SBA will want to see a number of documents from you, including your personal and business credit scores, financial statements, your business plan, projections of cash flow and any personal guarantees by members of your business.

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