Dear MBA Member,
On Thursday, June 23 the IRS notified vendors who provide tax transcripts (such as IVES vendors) that they would need to implement new requirements in order 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.
While the IRS has not made their new certification requirements available to the public, we have learned they will include items such as a requirement that lenders provide their vendors with the Social Security numbers of any individual authorized to use the tax transcript process. Some of the new requirements must be implemented by July 1 and thus demand your immediate attention. Other requirements must be implemented within 45 days.
MBA has asked the IRS to delay the implementation date and is working for further clarity around the requirements. However, as of this writing the IRS has refused to delay the implementation.
I strongly recommend that you reach out to your vendor today to obtain the requirements and complete the necessary certifications and assess the impacts on your business operations. According to the IRS, vendors will be required to suspend access to the transcript service for any lender that fails to complete the required certification by midnight, Friday, July 1.
If you have any questions, please contact Rick Hill, Vice President, Industry Technology at (202) 557-2718 or email@example.com.
We are very pleased to announce an enhanced legislative monitoring system which will allow us to share an interactive and real time electronic summary of the legislation of interest to you.
Go to GBA’s website: http://www.gaffneybennett.com/
Click on green button in the top right corner: “Legislative Tracker Login”
Enter CMBA U/N and PW on login page (contact the CMBA office for password)
Our grid should appear along with some tabs allowing you to filter and search, etc.