Data Facts Lending Solutions Blog

New Law Requires Taxpayer Consent for IRS Transcripts

Posted by Matt Holmes

Jan 3, 2020 9:25:38 AM

The Taxpayer First Act, a new law passed in July of last year, includes important provisions for lenders regarding the use of IRS tax transcripts, effective December 28th, 2019.

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Topics: Compliance, tax return verifications, TRV, IRS

IRS Implementing New Doc Rules for Tax Transcripts Effective March 1

Posted 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. 

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Topics: tax return verifications, TRV, IRS

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