The IRS requires the Form to report any changes in your ownership, business structure, or employees. It is also required to report any business changes that can affect your tax liability. Form 4506-C is used to request tax return information through an authorized IVES participant.
Form 4506-C 2023 is a relatively small piece of paper, but it does contain some hefty information. Besides, the IRS wants to make it available to the public. In addition, it is one of the few forms that are allowed to be used in conjunction with IVES. It also contains the world’s largest QR code, making it easy to scan with your smartphone. The Form contains the IRS’s most current and accurate information on borrowers.
How To Fill Out Form 4506-C 2023?
The IRS also implemented a new policy in the form of Form 4506-C. This allows lenders to request tax transcripts from the IRS. This process has also been enhanced to include the IRS’s Interactive Tax Assistant. This allows mortgage lenders to access a taxpayer’s tax return information directly from the IRS.
This also allows them to verify a borrower’s income, employment, and other tax information. Form 4506-C has also undergone some minor revisions. Here are the line-by-line instructions for the revised Form 4506-C 2023:
Form 4506-C Instructions 2023
- Line 1a/2a: Enter the First, Middle initial, and Last Name in the indicated fields for IMF requests.
- Line 1b/2b: Enter SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) for the individual listed on line 1a, including the dashes in the correct format, or enter EIN (Employer Identification Number) for the business listed on line 1a including the dashes in the correct format.
- Line 1c/2c: Enter your previous name as shown on your last filed tax return if different than line 1a.
- Line 3: Enter your address.
- Line 4: Enter the address shown on the last return filed if different from the address entered on line 3.
- Line 5b: Create a unique customer file number of up to 10 numeric characters
- Line 5c: Create a unique identifier file of up to 10 alpha-numeric characters.
- Line 5d: Enter the Client’s company name, address, and phone number.
- Line 6: Enter tax form number ( enter only one )
- Line 6a: Transcripts are only available for the following returns: Form 1040 series, Form 1065, Form 1120, Form 1120-H, Form 1120-L, and Form 1120-S. Return transcripts are available for the current year, and returns are processed during the prior 3 processing years.
- Line 6b: Account Transcript (Financial status of the account, penalty assessments, adjustments made by you or the IRS)
- Line 6c: Record of Account provides the most detailed information as it is a combination of the Return Transcript and the Account Transcript. Available for the current year and 3 prior tax years.
- Line 7: The IRS can provide a transcript that includes data from these information returns: Form W2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. Enter up to three information return types. If no specific type is requested, all forms will be provided.
- Line 8: Enter the end date of the tax year or period (mm-dd-yyyy)
Where to File Form 4506-C 2023?
The IVES participant will fax Form 4506-C with the approved IVES cover sheet to their assigned Service Center.
If your assigned Service Center is Austin Submission Processing Center, Fax the requests with the approved coversheet to:
- Austin IVES Team 844-249-6238
If your assigned Service Center in Kansas City Submission Processing Center, fax the requests with the approved coversheet to:
- Kansas City IVES Team 844-249-8128
If your assigned Service Center is Ogden Submission Processing Center, fax the requests with the approved coversheet to:
- Ogden IVES Team 844-249-8129