IRS Extends Deadline on IVES Tax Transcript Requirements to July 15
The Internal Revenue Service yesterday extended the compliance deadline for new requirements for participants using the Income Verification Express Service, a service supporting the lending industry to verify loan applicant’s incomes, until July 15.
Earlier this month (https://www.irs.gov/uac/irs-takes-steps-to-strengthen-ives-program-and-works-with-industry-to-quickly-implement-new-safeguards), the IRS notified vendors who provide tax transcripts (such as IVES vendors) that they need to implement new requirements to continue providing tax transcript services. These new requirements are intended to better protect taxpayer information. The updated requirements include certain new assessments and certifications for vendors and lender clients. The IRS said the new requirements were part of a wider effort to protect taxpayer information and strengthen authentication standards.
The Mortgage Bankers Association had asked the IRS for an extension; the requirements were originally scheduled to go into effect this Friday, July 1. MBA President and CEO David Stevens, CMB, said IVES vendors remain concerned about meeting the July 15 deadline, but called the extension a “significant improvement.”
“Since MBA first became aware of the problem last Friday, we have been working with the IRS and the Obama administration to request an extension, and have encouraged our members to proactively reach out to their vendors,” Stevens said. “We appreciate the extension and urge MBA members to complete the re-verification process as soon as possible. If you have already been contacted by your IVES vendor(s), you should continue to make it a priority to complete the process quickly. If you have not yet been contacted by your IVES vendor, you should immediately call your vendor and obtain the re-verification requirements.”
Other requirements must be implemented within 45 days.
MBA members who have questions about the new IRS requirements can contact Rick Hill, MBA Vice President of Industry Technology, at (202) 557-2718 or rhill@mba.org.
