IRS Transcripts contain a wealth of information on every taxpayer. Discuss the benefits of using transcript analysis as a powerful tool to assist the taxpayer, including, but not limited to, collection activity status/tax liens filed and removed; estimated tax payments for current year; extensions filed for returns; filing status and number of exemptions; Collection Statute Expiration Date (CSED); information on possible penalty abate (first time abatement); and audit flags (CP2000, Correspondence / Office / Field Audit).