Lawmakers Raise Concerns About Tax Transcript Issue

A bipartisan group of lawmakers — led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) — wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.

The lawmakers echoed concerns raised last week by the American Bankers Association and several other financial and housing trade organizations that recent changes to the system could lead to a significant decrease in the number of tax transcript requests the IRS is able to process per day. The lawmakers requested further information from the IRS on the scope and impact of the changes, and how the IRS plans to move forward to ensure process efficiency while protecting consumer data.


About Author

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for editorial strategy at the American Bankers Association, where she oversees ABA Daily Newsbytes.