| Tax returns are the ultimate out of sight, out of mind | | | | The IRS keeps everything you file. There are vast |
| documents. We stress out preparing them and filing | | | | warehouses full of documents. It is slowly being |
| our taxes. Once that is done, however, we set them | | | | digitized. Regardless, your tax returns are in there |
| aside and hope we never need to see them again. | | | | somewhere. You can get at them by ordering copies |
| Sooner or later you will need to look at one, but what if | | | | from the Agency. You just need to file Form 4506 and |
| you can't find it? | | | | pay a nominal fee. It will take roughly a month or two |
| Why would you need to look at tax returns again after | | | | to get the copies back. |
| filing them? Well, the worst reason is you get audited. | | | | You can actually request different forms of the return |
| Assuming that doesn't happen, you may need them to | | | | from the IRS. You can get a "return transcript" that |
| show them to a new accountant or tax professional. | | | | covers most of the line items on a tax return, but not |
| Alternatively, you might need them to prove your | | | | all of it. Why do this? The request is processed in only |
| finances for a home, car or business loan. The | | | | 10 days. Account transcripts are also available. They |
| possibilities are practically endless. | | | | show everything you've paid, if you've been assessed |
| Losing your return is bad news, but not the end of the | | | | penalties and other transactions between the IRS and |
| world. The bad news is your private information is on | | | | yourself. Finally, there is a record of account which is |
| that return. You really don't want your social security | | | | essentially a combination of the previous two items. |
| number, address and legal name just floating around in | | | | Losing a tax return is a pain in the derriere, but it is not |
| the public arena. As for a replacement for the return, | | | | the end of the world. The IRS can usually provided you |
| that actually isn't a big problem. Your friends at the IRS | | | | with a record of what has been filed, but keep in mind |
| are willing to help. | | | | it could take a bit to get it. |