Previously, we announced the passage of “The Taxpayer First Act”, its amendment to 26 U.S.C.A. § 6103(c), and indicated that MISMO® was in the process of creating a form which could be used for the following new provision:
“. . . Persons designated by the taxpayer under this subsection to receive return information shall not use the information for any purpose other than the express purpose for which consent was granted and shall not disclose return information to any other person without the express permission of, or request by, the taxpayer.” (Ibid.)
MISMO® has since released a final version of their “Taxpayer Consent” language (see http://www.mismo.org/standards-and-resources/additional-tools-and-resources/taxpayer-consent-language and https://www.mba.org/2019-press-releases/november/mismo%C2%AE-issues-taxpayer-consent-language-as-solution-for-new-irs-requirement-on-sharing-tax-transcripts) and we will be adopting a derivative of it (as permitted by MISMO’s policies and licenses) as our standard form for the purpose of complying with Ibid. Differences between our form (Cx23556) and the one published by MISMO® include the following:
- Because the consent of multiple taxpayers may be necessary in connection with a mortgage loan transaction, we will configure the document to include signature lines for multiple borrowers (e., each borrower will sign the same copy of the form). In so doing, pronouns within the document have been changed to refer both to the singular and the plural (e.g., “I” has been changed to “I/We”). Since the document is formatted to be in the first-person narrative, we have also fixed a typographical error by replacing “your” to “my/our”;
- MISMO’s copyright notice will appear on our copy of the document, but it will appear in the footer. The disclaimers and notices appearing on their final form after the copyright notice will be removed;
- A citation to “26 U.S.C.A. § 6103(c)” will be added; and
- The MISMO® logo will be removed and the title changed from “MISMO’s Taxpayer Consent Language” to “Taxpayer Consent Form”.
This document will print when new print trigger “Print Taxpayer Consent Form” (FI 137176) is set to “Yes”, which field will be globally mapped to “Yes” when “Document Package Type” (FI 18215) equals either “Initial Disclosure” or “Closing”. Any customizations to the configuration should be done with mappings on the new print trigger “Print Taxpayer Consent Form” (FI 137176).
This document will be in Production on November 21, 2019. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.