If you have questions about Tax Guard’s new Income Monitoring product, find answers to the most frequently asked questions here:
What is Income Monitoring?
- Income Monitoring is a new Tax Guard product that enables you to be notified when a new income tax filing for your borrower has been filed with the IRS
How does it work?
- After an order has been placed on your borrower and we’ve delivered the initial Tax Guard Report, Tax Guard will start monitoring the following month
- We’ll monitor your borrower’s IRS activity and provide you with all new income tax filings for the following three tax years with no additional signatures required
- Tax Guard will proactively track authorization of the 8821 for Income Monitoring clients to ensure that it gets on file at the IRS
- When a new income tax filing has been detected, you will receive an email alert notifying which return(s) has been filed and that a report and the supporting transcripts are now available to view on the portal
What is included with Income Monitoring?
- A Tax Guard Basic Report
- Record of Account Transcripts for the identified year
- Note: All 8821s for Income Monitoring clients will default to three years forward
How much does Income Monitoring Cost?
- A $25 enrollment fee plus $55.00 when new income filings are identified and delivered (that’s a flat rate whether we deliver one year or three years!)
How do I sign up?
- Simply contact your Account Manager or Tax Guard’s Customer Success Team via support@tax-guard.com or call 877-550-6325 ext. 1
How do I know which borrowers in my portfolio are included in Income Monitoring?
- Once enrolled, any active client in your portfolio will be enrolled in Income Monitoring
How do I stop Income Monitoring on my borrower?
- If you do not want to monitor a particular borrower, simply close the client in the portal by the end of the month and before the next monitoring cycle starts (the beginning of the following month)
Will I also receive alerts on new tax liabilities?
- No, you will only receive alerts when a new income form is filed
- You will not receive alerts for any other tax compliance activity on your clients, such as liabilities, installment agreements, name change alerts, etc.
What are the triggering events with the IRS for an alert to be sent on my borrower?
- You are alerted when your borrower files a new return and when a new filing type has been detected
- You will not be alerted to extensions or amended returns
What are Record of Account Transcripts and how are they different from Tax Return Transcripts?
- A Record of Account Transcript combines the Tax Return Transcript and Tax Account Transcripts into one complete transcript
- It offers peace of mind by providing insight into the taxpayer’s return information that might have changed after an original return was filed
- The Record of Account Transcript is available for the current tax year and returns processed during the prior three years
For additional questions, please contact Tax Guard’s Customer Success team via support@tax-guard.com or call 877-550-6325 ext. 1.
