IRS INTRODUCES NEW TRANSCRIPT
Another Positive Step to Combat ID Theft
Effective September 23, the IRS will begin to use a new transcript format that will redact personally identifiable information from its Form 1040 transcripts. The new format will be used when a person requests a transcript via Get Transcript Online, Get Transcript by Mail, and the Transcript Delivery System used by tax professionals. The new format will continue to show the financial information that taxpayers and third parties are currently receiving for tax preparation or loan income verification purposes.
Another significant change is that the IRS has created a 10-digit Customer File Number (CFN) field that lenders, colleges and other third parties that order transcripts for non-tax purposes can use as an identifiable number instead of using SSNs. For example, a lender could use its loan application number as the CFN so that it can easily match the transcripts to the loan application.
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