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IRS Now Accepting Transcript Requests

IRS Now Accepting Transcript Requests

In its IVES Program newsletter, IRS has announced information about its Income Verification Express Service (IVES), including that it will again be accepting new transcript requests beginning on Tuesday, July 14, 2020.

The IVES program is used by mortgage lenders and others within the financial community to confirm the income of a borrower during the processing of a loan application. IRS provides a return transcript to these third parties with the consent of the taxpayer. (IRS website - Income Verification Express Service)

Under Reg. § 301.6103(c)-1(b)(2), disclosure of a return or return information is not allowed unless the written request for, or consent to disclosure is received by IRS (or an agent or contractor of IRS) within 120 days following the date on which the written request was signed and dated by the taxpayer.

In March, IRS announced that it was temporarily suspending acceptance of new IVES requests. Since then it has announced that it is in the process of clearing its IVES backlog and has, on occasion, accepted new transcript requests.

IRS is again accepting new requests and has announced that it is continuing to work down existing IVES inventory. It will again open the IVES fax lines starting on Tuesday, July 14, 2020, at 11 a.m. Eastern Daylight Time.

IRS notes that persons who are sending old items should ensure the taxpayers’ signatures meet the 120-day requirement.

IVES participants must use the fax number associated with their assigned site. IRS will be sending acknowledgements out to confirm the work it has received; IRS discourages duplicate requests.