As part of a wider effort to protect taxpayer information and strengthen authentication standards, the Internal Revenue Service is putting in place new requirements for participants using the Income Verification Express Service (IVES), a service supporting the lending industry to verify loan applicant’s incomes.
The new requirements will help further ensure IVES participants verify and validate their clients using the system. The IVES service is used by pre-screened companies who, in turn, are hired by clients such as mortgage firms and loan companies who need to verify applicants’ income.
The IRS is working with the IVES participants to help ensure a smooth transition to the stronger validation rules. These new requirements are being shared this week with the participants. The IRS will only accept transcript requests from IVES participants who certify that they will submit requests only from clients who have been verified using the new requirements.
Courtesy of IRS
For more information contact Neikirk, Mahoney and Smith at 502-896-2999
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