Compliance News: Understanding California’s 2026 ADMT Rules and How They Apply to Docutech
Feb 23, 2021
Today, the USDA posted to their website an advanced copy of revised RD HB-1-3555, Chapter 9 Subsection 9.3(E)(4) of which states the following:
“IRS transcripts are required for all required household members in addition to the documentation option selected by the lender. Lenders must require each adult household member as applicable to complete and sign IRS Form 4506-T or IRS Form 4506-C for the previous two tax years at the time of loan application. The 4506-T/4506-C must be used to request full transcripts with all schedules.”
Currently under Ibid., only IRS Form 4506-T is acceptable to RD. The advance copy of revised Chapter 9 is available to review for 30 days,
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.