The Mortgage Bankers Association and other industry trade groups this week asked the Treasury Department and the Internal Revenue Service to delay deadlines applicable to like-kind exchanges currently underway to ensure liquidity in real estate markets during the coronavirus pandemic.
Tag: Internal Revenue Service
IRS Issues Clarification on Taxpayer Consent, Disclosure Requirements
The Internal Revenue Service yesterday posted a clarification on the effective date of new taxpayer consent and disclosure requirements needed to obtain and share IRS tax transcript information with investors, servicers and due diligence firms.
MISMO Issues Taxpayer Consent Language as Solution for New IRS Requirement on Sharing Tax Transcripts
MISMO, the mortgage industry standards organization, issued its Taxpayer Consent Language, which permits lenders to share tax information received from the Internal Revenue Service with other parties involved in a mortgage transaction.