Reminder: Upcoming IRS Changes for IVES Participants
Tuesday, January 1st, 2019
As you are probably aware, the IRS has several changes set to take effect on Tuesday, January 1st, 2019. The main changes include:
- An updated 4506T form.
- Returning redacted transcripts.
We are prepared to handle these changes. Many of you are already successfully processing orders with the new 4506T within our system. If you or your lenders need access to the new 4506T, you can obtain a copy here.
As for the redacted transcripts, the IRS had indicated that they will begin returning transcripts with redacted borrower information starting Tuesday, January 1st, 2019. While we are ready for these changes, the IRS has a knack for releasing unannounced changes. If they do, this may cause some delay in our ability to retrieve transcripts from your IRS mailbox.
In an effort to validate any possible side effects to these changes before they impact business, we will be taking the IRS processor offline Tuesday, January 1st until Wednesday, January 2nd 6AM PST. During this time, while we validate that their changes are indeed the changes we are expecting, you will not be able to start the processor from within your TVP account. You and your clients can still access the TVP and TVP processing platforms and place and approve orders as usual, but transcripts will not be returned until we enable the processor at 6AM PST on January 2nd.
Please also be aware that with recent IRS shutdowns, there may be delays in transcript request turn times and possible issues with the changes that are implemented. We will be ready and available on January 2nd when you start your IRS processor within TVP to address any issues that arise.
As for the redacted transcripts, the IRS had indicated that they will begin returning transcripts with redacted borrower information starting Tuesday, January 1st, 2019. While we are ready for these changes, the IRS has a knack for releasing unannounced changes. If they do, this may cause some delay in our ability to retrieve transcripts from your IRS mailbox.
In an effort to validate any possible side effects to these changes before they impact business, we will be taking the IRS processor offline Tuesday, January 1st until Wednesday, January 2nd 6AM PST. During this time, while we validate that their changes are indeed the changes we are expecting, you will not be able to start the processor from within your TVP account. You and your clients can still access the TVP and TVP processing platforms and place and approve orders as usual, but transcripts will not be returned until we enable the processor at 6AM PST on January 2nd.
Please also be aware that with recent IRS shutdowns, there may be delays in transcript request turn times and possible issues with the changes that are implemented. We will be ready and available on January 2nd when you start your IRS processor within TVP to address any issues that arise.