On average, 17% of 4506-Ts are rejected by the IRS… more
On average, 17% of 4506-Ts are rejected by the IRS for incomplete or illegible information. And when the IRS rejects a 4506-T, you're still charged the standard tax year fee(s), and you lose significant time in resubmitting. Equifax Verification Services performs a quality review on every 4506-T before it goes to the IRS—catching errors and minimizing rejections to an industry low 4%. This value-added service saves you time and money, and keeps the loan process on-track.
Getting the full picture of an applicant's total income, including non-employment income, is a best practice in reducing fraud and errors in awarding government entitlements funds. Requesting personal and/or business tax return transcripts along with wage and income statements directly from the Internal Revenue Service (IRS) has never been easier.
Our IRS income verification is the efficient, cost-effective way to retrieve all tax transcript forms -- 1040s to 1099s, W-2s, and business income tax returns. The tax transcript provides a complete picture of all household income, including investment income as well as salary and wages. Tax transcripts are available via streamlined fulfillment in hours through our direct connection with the IRS. All your income determination requests can be fulfilled in the same place rapidly and with ease. A fully automated solution is available via integration. Note: an IRS 4506-T consent form is required for every order.
As an added feature, we now have the capability to accept electronically signed versions of Form 4506-T and 4506T-EZ. This can potentially reduce the time spent collecting a signature on those forms from days to minutes by eliminating mailing or faxing. Our secure process ensures full compliance with IRS requirements and streamlines the tax transcript ordering process.