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Taxpayer First Act Finally Passes the approval of The House and Senate

 by NCS
After the inception to modernize the IRS system 12 years ago, the H.R. 3151 Bill is now awaiting The President's signature. After several repeated efforts and provisions, the House and Senate have unanimously passed the Taxpayer First Act (aka H.R. Bill 31511) respectively on June 10 and June 13, 2019. The Bill includes various IRS modernization provisions; but most importantly for the mortgage industry, it requires the IRS to create an instant intake and delivery platform for IRS tax transcript data. This Bill is a considerable win for originators, as it will eliminate the delay in receiving tax transcripts and the delays associated with IRS rejected requests

NCS had long advocatedthe IRS and congressional members to enhance the IRS’ 12-year-old offering.2

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