MISMO® Issues Taxpayer Consent Language as Solution for New IRS Requirement on Sharing Tax Transcripts

MISMO's Taxpayer Consent Language was created to provide a consistent way for the mortgage industry to comply with the Taxpayer First Act. The new law, which passed on July 1, 2019, and goes into effect on December 28, 2019, requires the taxpayer to provide consent for the express purpose for which their tax information will be used. Additionally, the taxpayer must also provide consent for their tax information to be shared with other parties. In August, MISMO sought industry collaboration to draft consent language, which was then released for a 30-day public comment period that remained open...read more here

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