Data Facts Lending Solutions Blog

IRS Implementing New Doc Rules for Tax Transcripts Effective March 1

by Diana Agee

Feb 11, 2016, 1:33:18 PM

The only thing constant is change. The person who first said that knows what they are talking about, especially in regards to the mortgage lending industry. 

Tcomingo_soon_announcement-1.jpghe IRS is requiring a new 4506-T for all tax return verification orders, as well as a change in how to complete Line 5. The March 1st deadline is upon us, and Data Facts is committed to helping our customers minimize the chance of getting an order rejected by the IRS. Follow this 3 step process to be ready for the change. 

Number 1: Upload the new version of the 4506-t into your system now. Not after lunch. Not tomorrow. Now. 

Download New Form

Number 2: Please note that every person who orders tax transcripts needs to check the Attestation Box on every order. This is found on the 4506-T, above the signature line. 

Number 3: Before submitting an order for tax transcripts, complete Line 5 of the 4506-T with this information:

DATAFACTS PO BOX 4276 CORDOVA TN  38088 800-264-4110 / DIANA007 

Please keep the following three key facts in mind:123.jpg

  • Any orders sent in with the old 4506-T will be refused by the IRS. 
  • Any tax return verification orders send in without the above mentioned information on line 5 will be refused as well. 
  • There is NO grace period. March 1, 2016 is the deadline. 

It's imperative to download the new 4506-T now, and begin using it so your tax transcripts won't be rejected or delayed. 

Data Facts strives to keep you updated on changes in regulations and processes in the mortgage lending industry. Don't hesitate to contact us about questions on your tax return verification orders. We are here to help you Close More, Close Faster, Close Easier. 

 

 

 

Topics: tax return verifications, TRV, IRS

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