🛑 The IRS IVES program lets taxpayers authorize third parties (IVES participants) to request their tax return or wage transcripts to obtain a residential or commercial mortgage on real property (real estate). IVES participants can include banks, credit unions, mortgage brokers, third parties, and others servicing clients within the mortgage lending industry to obtain mortgages.
The IRS only provides tax records to a third party with the consent of the taxpayer.
📌 The IVES program recently updated its policy to further ensure taxpayer data is safeguarded. Effective June 30, 2024, the IRS will only provide transcripts to mortgage lending firms for the sole purpose of obtaining a mortgage on residential or commercial real property (land and buildings).
All participants using fax requests (legacy system), Web User Interface (WebUI), or Application to Application (A2A) channels must re-apply to the IVES program by May 1, 2024, to remain in active status.
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Details
Participants must complete Form 13803, Application to Participate in the Income Verification Express Service (IVES) Program, fax the new application to 844-251-8254, and declare their sole purpose for using IVES is to secure third party tax data needed for a mortgage on residential or commercial real property (real estate).
The IRS remains dedicated to safeguarding taxpayer data, maintaining the integrity of our tax systems, and modernizing our systems. If tax transcript information is required by your firm for other than securing a mortgage, we recommend requesting it directly from the taxpayer.
Taxpayers can request their tax transcript information by calling the Interactive Voice Response (IVR) at 800-908-9946 or accessing their online account, which allow the taxpayers to request and receive real time responses.
💥 If you need help regarding to IVES program, or advices to get strategies to maximize your tax efficiency, we can help you at Wave Tax. Contact us at info@wavetax.us