Once the secure mailbox is in place, data requested on the Form 4506-T is sent to the password-protected mailbox by an automated process. IVES registration information is available online at. This one-time registration is expected to take approximately two weeks. The personnel who are to have access to the secure mailbox must be registered individually with the IRS. People and businesses wanting to use the new IVES system need to sign up with the IRS for access to a secure electronic mailbox. Up to four years of tax data can be requested on one Form 4506-T. And taxpayers who don't fill in the tax year(s) face the possibility of a third party requesting more tax data than they might want to authorize. The 4506-T can only be used to request transcripts for 60 days from the date of the signature, so an undated form leaves the door open for requesting information beyond that 60-day window. The taxpayer should indicate the tax year(s) to be covered by the form, and should be sure to date the form. The taxpayer provides their full name, address, Social Security number (or numbers, if a joint tax return is being requested), and the name, address and phone number of the party who is to receive the information. The IVES process begins when a taxpayer fills out a Form 4506-T, Request for Transcript of Tax Return. "It makes it a whole lot easier to qualify for that program." The quick turnaround with IVES has opened up opportunities for people in this demographic to acquire money from the grant program and thus buy homes, explained Littrell. "It would discourage a lot of people from trying to buy." "These are mortgage funds that are available in every state." The money is available to low-income borrowers for the purpose of purchasing a home, but "they require three years of tax returns," said Littrell. "Oftentimes, they don't have back tax returns," he said, and that can really be a problem when it comes to providing development grant money. "Form 4506-T can be initiated by the taxpayer to be delivered to themselves or to any designated third party."Īccording to Littrell, the new IVES system is particularly beneficial to low-income borrowers. "It is used by taxpayers themselves, as well as lenders and tax professionals on behalf of their clients," explained Eric Smith, a spokesman for the IRS. Lending institutions, however, aren't the only beneficiaries of the new rapid turnaround. Income verification from the IRS used to take anywhere from two weeks to 45 days, depending on the type of form ordered.
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