Issues with the Internal Revenue Service’s tax transcript process could delay millions of home transactions, according to numerous financial trade associations who expressed their concerns in a joint letter to Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter.
The trades said the modified system has design flaws, was not implemented properly and the IRS failed to communicate effectively with affected parties.
Read on to learn what specific issues the associations pointed out and how they want the IRS to address them.