Feb 19, 2024 - NCS’ advocacy group continues to engage with the IRS, multiple trade associations, and legislative offices. As of February 20th, there’s a growing likelihood that the IRS will make an announcement rescinding the Jan 2nd announcement in the coming weeks. NCS has submitted a written request for the IRS to return to status-quo, i.e. pre-Jan 2nd announcement. If the IRS decides to delay implementation, we have suggested the end of Q1 2025.
Congress and the Senate continue work on legislation (updates to HR 3335) that dramatically improves IVES and retains most use cases. Legislation must be passed in the House soon due to the election year cycle.
Be assured that NCS is forcefully advocating on your behalf and actively supporting your organization. We will continue to distribute periodic updates as we jointly navigate this issue.
For further information on IRS 4506-C (IVES) updates, visit: https://www.irs.gov/individuals/income-verification-express-service
Keywords: Mortgages