FREQUENTLY ASKED QUESTIONS
How do you charge for VOE/I orders and an additional VVOE order?
• Each employment verification is an order that is charged at the agreed upon rate.
• Third party fees are passed through to the client with a small processing fee.
Do you verify previous employment?
• Yes. Our UI gives the user a message prompt for less than 12 or 24 months of employment and the option to include previous employment on their order input page.
• The system default displays a message to the end user when the employment is less than 24 months that asks if the end user wants to add previous employment.
• The Client can set a specific/default timeframe for previous employment to be obtained at 12 months or 24 months and the system will automatically require the input from the user.
Are you Day 1 Certainty eligible?
• We provide lenders Day 1 Certainty™ from Fannie Mae as an authorized report supplier of 4506-T tax return verification (TRV® Services) through Desktop Underwriter® (DU®).
• For VOE, we are currently in process with Fannie Mae for the DVS program and all approval timelines are in the hands of Fannie Mae.
What is the difference between a return transcript, account transcript, and a record of account?
− A Return Transcript contains information from the original return filing. It does not show any changes made to the account.
− An Account Transcript contains only subsequent changes and does not include information from the original return filing.
− The Record of Account provides the most detailed information as it is a combination of the Return Transcript and Account Transcript.
How do I get the taxpayer's amended returns (record of account), and are they avalable for businesses?
To request amended returns using the 4506-T, simply write 1040 on line 6 and check box 6c for the Record of Account.
If the taxpayers filed "married filing joint", which spouse do I put on Line 1 of the 4506-T?
The IRS will search whichever taxpayer is on line 1 of the 4506-T. If the couple filed jointly, you may insert either name on line 1. If the couple filed separately, a separate 4506-T must be submitted for each individual.
What address do I put on line 5? And why?
− Line 5 of the 4506-T releases the taxpayer information to a third party. The address that should be on line 5 of the 4506-T is as follows:
NCS/TRV Processing P.O. Box 321, Egg Harbor City, NJ 08321 (800) 445-5839
When does the signature date on the 4506-T expire?
The signature date expires after 120 days.
How many tax years can I request on the 4506-T?
You may request the current year and three prior consecutive years.
How long does it take for a filed extension to become available?
You should allow at least 6-8 weeks for the transcripts to become available.
Will my order be checked for quality before it's submitted to the IRS?
Yes, tax return verification processing has integrated several Quality Check (QC) points within our process to ensure that non-compliant orders are caught before they are submitted to the IRS. These QC points have dramatically reduced the number of IRS rejects, thus saving your company both time and money. You will receive either an email or phone call if something is wrong with your order.
My transcripts came back as "no record of rerurn filed". Why?
“No record of return filed” means that the IRS does not have a record of the tax return in their database. The taxpayer either did not file taxes for that specific year or the record has not become available on the IRS’ database yet.
If the tax return was filed electronically, it should take approximately 5-10 business days to become accessible through the IRS database. If the return was filed by mail or an amendment was filed, please allow at least 6-8 weeks for the transcripts to become accessible through the IRS database.
Why was my transcript request rejected by the IRS?
All information on the 4506-T should be clear, accurate and IRS compliant. Please be sure to include the previous address and P.O. Box on the 4506-T. (Please see page 3 for further details on how to prevent IRS Rejections).
What do the limitations and entity rejections mean?
Limitations:
– The “due to limitations rejection” means there is an identity theft indicator on the taxpayers account. The IRS will not release the transcripts to any third party. The taxpayer must call the identity protection specialized unit (IPSU) at the IRS to authenticate themselves and request the transcripts. The IRS will mail the transcripts to the address they have on file, the taxpayer may also request that they be able to go to their local IRS office and get a copy of the transcripts as well. Call IPSU at (800) 908-4490 for more information.
Entity:
– Taxpayer name is Altered (with taxpayer initials), illegible, missing, incomplete or invalid. − Taxpayer SSN/EIN is Altered (without taxpayer initials), illegible, missing, incomplete, invalid or has more than or less than 9 digits.
What recent changes have been made to the IRS 4506-T form?
As of March 2019, the only other changes to the 4506-T form is the replacement of Line 5 with Line 5a and 5b.
Line 5a releases the taxpayer information to a third party. The address that should be on line 5a of the 4506-T is as follows: NCS/TRV Processing P.O. Box 321, Egg Harbor City, NJ 08215 | (800) 582-7066
Line 5b is reserved for the customer file number (if applicable, see instructions on page 2). You do not fill in Line 5b. Line 5b is to be left blank when you submit your 4506-T/EZ to Service 1st (powered by NCS). NCS will populate Line 5b prior to submitting your 4506T/EZ request to the IRS.
Should I use the newest 4506-T form with the revision date of June 2019?
No. This version of the 4506-T form was created solely for taxpayers to request transcripts directly from the IRS without any third-party involvement and therefore cannot be submitted to the IRS by any third party (such as NCS) on behalf of the taxpayer. Please use the 4506-T form with revision date of March 2019.
