Tax season time loop: IRS transcripts and other items to watch out for

How will tax preparers confirm the carry forward information from 2020 tax returns that may have not been processed yet as part of the back log? Request an IRS transcript. It’s one of five items listed in this article to consider for this year’s unique tax season.

Unlike CRA, the IRS does not usually issue a Notice of Assessment unless there are assessment issues, additional penalties, or missing information.  The IRS transcript is also one of the documents CRA may request to substantiate a U.S. foreign tax credit claimed on the Canadian T1 return.

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Tips for managing the tax season time loop in 2022 | Professional Insights | AICPA