4506 Tax Form: Obtaining Tax Return Copies
Author: Simon Volkov
4506 tax form is used by business owners and individual taxpayers to obtain copies of previous years' tax returns. U.S. tax form 4506 is also used to grant permission for release of tax records to a third party such as certified public accountants, banks, lawyers or probate administrators. When third parties submit a
4506 tax form they are required to adhere to confidentiality laws and guidelines outlined in section 6103(e). Tax form 4506 can be used to obtain all types of tax returns and attachments such as W2s, 1099s, schedules and amended tax returns. When taxpayers require two or more years of tax returns, a separate form 4506 must be submitted for each requested return. The fee for obtaining tax return copies is currently $57 per return. Payment must be in the form of money orders, personal or business check made payable to the United States Treasury. Taxpayers should include their federal tax identification or social security number and the words "Form 4506 request" in the memo area of the check or money order. When taxpayers only need to obtain a summarized version of tax returns they can submit a request to obtain transcripts by using form 4506-T. At present, there is no fee assessed for obtaining federal tax return transcripts. Tax transcripts are limited to the current and previous three years. If taxpayers require more than four years of federal returns, the IRS requires taxpayers to submit a
4506 tax form along with payment for a full income tax return. Summarized tax returns are generally sufficient for taxpayers and business owners who are filing for bankruptcy. Under the
new bankruptcy laws taxpayers are required to submit copies or tax transcripts of current, previous years, or amended income tax returns to the bankruptcy court. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) require submission of income tax documents to be filed at least seven days prior to their 341 creditor meeting. Individuals or business owners that require copies of federal income tax returns to satisfy bankruptcy requirements should submit 4506 tax forms a minimum of ninety (90) days prior to needing them. The IRS has a reputation of moving at a slow place. Taxpayers who procrastinate over obtaining tax return copies could jeopardize their opportunity to obtain financial relief. Taxpayers can download 4506 and 4506-T tax forms via the Internal Revenue Service website at irs.gov. Payment must accompany each income tax return request.About the Author:
Real estate investor, Simon Volkov, provides a comprehensive personal money management article library via his website at
www.SimonVolkov.com. Topics include how to file a
4506 tax form, tips to avoid bankruptcy, personal investing, estate planning and probate.
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