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In this video tutorial, Lissandra Everett from ETS tax relief discusses the importance of the wage and income transcript in handling tax issues. The transcript contains third-party financial information like W-2s, 1099s, and more, which is crucial for ensuring your tax return matches the IRS records. Failure to match these records can lead to an IRS notice. Many people are unaware of the information reported to the IRS, making it essential to understand the contents of the wage and income transcript to avoid potential discrepancies.
