EPN, TVP Enhancements Scheduled for
Friday Morning, February 28th, 2020 

Release Information for Managers

Starting Friday Morning, February 28th, 2020, the EPN settlement services and TVP platforms will be updated with new features and enhancements listed here.  New features include the limited release of our new custom, automated workflow solution that works with all vendor and product types, vendor and product setup enhancements, plus TVP updates that allow for a Qualified transaction indicator to be sent to the IRS on batch orders. The TVP application updates will prompt you to install a new version upon login.

Read on for complete information.


TVP Enhancements

New Batch Cover Sheets for Qualified/Non-Qualified Transactions
As an IVES Participant, you likely know that the IRS will require a new cover sheet starting March 1st, 2020 on all batch orders.  The new batch cover sheet is used to pass information on Qualified and Non-Qualified 4506-T requests.  The IRS definition of a Qualified transaction is:  
  • “A disclosure…of return or returns by the IRS to a person seeking to verify the income or creditworthiness of a taxpayer who is a borrower in the process of a loan application.”
Our goal is to make this change as seamless as possible for you while providing an easy way to make sure you meet this requirement.  Nearly all (if not all) your clients use TVP to order tax transcripts for loan application purposes to verify income, and therefore are defined as Qualified transactions.  With this in mind, this TVP update will default to utilize the Qualified batch cover sheet to assist you best.

How to use this feature:
There is nothing you need to do to enable this feature: the new Qualified batch cover sheet will be enabled and available to you starting February 28th.  When you use the TVP application to submit batch requests to the IRS, this new cover sheet will automatically be available.
 
Number of Batch Requests Reduced to 35 Per IRS Requirements
Along with Qualified/Non-Qualified indicators on March 1st 2020, the IRS is also limiting the number of batch requests that can be sent at once.  To accommodate this requirement, the TVP application’s Quick Send and Custom Batch features will now only allow 35 requests to be sent in a batch at once.

How to use this feature:
There is nothing you need to do here. The TVP application will automatically limit the number of requests included in a batch to 35 requests, both from the Custom Batch and Quick Send options.