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In this video, Lissandra Everett from ETS Tax Relief discusses the importance of the wage and income transcript in resolving tax issues. This transcript includes all third party financial information such as W-2s, 1099s, 5498s, and 1099Bs. If the information on your tax return does not match the transcript, you may receive a notice from the IRS. It is crucial to understand the type of information reported to the IRS to avoid any discrepancies.