Skip to main content

Posts

Featured

The NCS Perspective on the new IRS redaction of transcript data.

By J. Cecil Bowman
About the New IRS Tax Transcript and the Customer File Number (CFN)A new transcript format for the Income Verification Express Service (IVES) process will be implemented in January 2019. 
The IRS’ primary goal is to better protect taxpayer’s personal information from identity theft. The IRS’ primary goal is to better protect taxpayer’s personal information from identity theft. This new transcript partially masks the Personally Identifiable Information (PII) of everyone listed on the tax return. PII is information used to distinguish or trace an individual’s identity. All financial entries will remain fully visible to assist with income verification. 

The IRS is taking this action to better protect taxpayer data. Because of data breaches outside the tax system, cybercriminals often try to impersonate taxpayers and tax professionals. Thieves attempt to gain access to transcript data, which helps them file fraudulent tax returns or steal additional data of other individua…

Latest Posts

Beware of Fake Employers Posing Threat to Your Loan.

Banking on Trouble

NCS Advocacy Efforts Edge Closer To Providing FinTech New Validation Tools.

NCS Reports 75% of All Verification of Employments Still Require Direct to Employer Inquiries

Considering Outsourcing VOE And Other Verifications? Take a Look!

NCS Announces a Smart Tenant Screening Solution Powered by TransUnion.