Legal issues such as divorce or child support require proof of income from all parties involved for the purpose of determining each party’s financial liability. Sometimes providing proof of income can be difficult especially for self-employed people. The IRS offers a form which will serve
Filing taxes is difficult to understand, with more than four hundred various tax forms to report pertinent financial information. Failure to report information, file returns correctly, and submitting them on time may all result in hefty penalties levied by the Internal Revenue Service. Knowing current and past years’ tax
Agencies like the USDA have strict rules concerning income verification for home loans. In the past, it was standard practice for lenders to submit a borrower’s tax transcript ad associated IRS Form 4506-T Request for Tax Transcript. Delays and rejections have become more frequent recently.
Freddie Mac customers have reported that, a few times, requests submitted through the IRS Form 4506-T have been returned with a rejection code, “Limitations.” These sorts of rejections combat identity fraud and stop unqualified access to taxpayer info. Rejections of Form 4506-T might indicate red flags
When a loan is submitted to the Small Business Administration (SBA), the agency reviews it to determine if it will honor or deny the guaranty. As part of this process, it requires lenders to submit certain documentation, including transcripts of the most recent three years