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Business Tax

Reminder: July 31 Deadline for IVES Electronic Signature/Account Update Certification

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

Reminder: This June, IRS announced that all Income Verification Express Service (IVES) participants must review and complete an electronic signature and account update certification by July 31, 2020.

Background.

The IVES program is used by mortgage lenders and others within the financial community to confirm the income of a borrower during the processing of a loan application. IRS provides a return transcript to these third parties with the consent of the taxpayer. (IRS website – Income Verification Express Service)

June IVES announcement.

In order to update its records and continue each IVES participant’s participation in the program, IRS announced in June that it is requiring all IVES participants to review and complete an electronic signature and account update certification. Participants are required to submit the certification by July 31, 2020.

Instructions for completion are outlined in the certification. Failure to submit the certification will result in suspension and potential removal from the IVES program.

Participants were to receive the certification via their IVES Secure Object Repository (SOR) mailbox on June 29, 2020. Participants who did not receive the certification or have any questions should contact IRS at wi.ives.participant.assistance@irs.gov.

To continue your research on the Income Verification Express Service, see FTC 2d/FIN ¶S-6407.

 

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