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Form 4506-C IVES Request for Transcript of Tax Return Updates

As previously announced, the Internal Revenue Service (“IRS”) has released a final draft of Form 4506-C, IVES Request for Transcript of Tax Return, as part of a broader modernization effort.  The new form includes changes to make it better suited for use with optical character recognition (“OCR”).

Along with the publication of the new form, IVES participants have been informed that the current version of Form 4506-C will continue to be accepted through February 28, 2023. For all submissions dated March 1, 2023, or after, only the new version of Form 4506-C will be accepted by the IRS for transcript requests.

Notable changes on the form include:

  • “Name shown on tax return” in Lina 1a is not “Current name” and has separate sections for first name, middle initial, and last name.
  • “Current name, address” in Line 3 now has separate boxes for Street address, City, State and ZIP code.   Line 4 for “Previous Address” has also been separated into four boxes.
  • Line 5a has separate boxes for IVES participant name, IVES participant number, SOR mailbox ID, and Street, City, State, and ZIP code.
  • New optional section added to 5c for “Unique Identifier”
  • New section added as 5d for Client name, telephone number, and address.
  • Line 7 has boxes to check for which party wage and tax transcripts are being requested for (primary taxpayer, spouse, or both). If no option is checked, it will be assumed the request is both all parties.
  • Signature section has new box to indicate “Signatory confirms that document was electronically signed.”

The new IRS Form 4506-C (October 2022) is now available upon request in DocMagic’s production environment with Form ID: US4506C.MSC.  DocMagic will move all customers to the new version in conjunction with the new required date from the IRS, on March 1, 2023.  Users may elect to use the new version ahead of that date provided users are able to provide necessary transaction data.   With the update to the new form, DocMagic will utilize similar selection logic as is used for the current version to select a form per borrower and one per joint borrower, if taxpayer specific information is not provided.

 

 

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