SBA Information Notice 5000-843625
Summary
SBA Information Notice, control no. 5000- 843625, effective January 12, 2023, addressed to SBA employees and SBA Lenders. It announces that the Internal Revenue Service (IRS) has released an updated IRS Form 4506-C (revision 10/31/22) for authorized Income Verification Express Service (IVES) participants. The notice recalls that SBA Procedural Notice 5000-829416 (March 9, 2022) lets lenders use Form 4506-C or IRS Form 8821 to verify applicant financial information under SOP 50 10 6, and says the Form 8821 process is unchanged. Lenders are told to begin using the new Form 4506-C immediately, with the IRS accepting the prior version for applications already in progress.
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Full text
SBA Information Notice
TO: All SBA Employees and SBA Lenders CONTROL NO.: 5000- 843625
SUBJECT: IRS issues updated IRS Form 4506-C EFFECTIVE: January 12, 2023
The purpose of this Notice is to inform all SBA employees and SBA Lenders that the Internal
Revenue Service (IRS) has released an updated version of IRS Form 4506-C for use by authorized
IRS Income Verification Express Service (IVES) participants (revision 10/31/22).
SBA’s Standard Operating Procedure (SOP) 50 10 6, Part 2, Section A, Chapter 6, Paragraph B, sets
forth the procedures by which SBA Lenders verify an SBA Applicant’s financial information. These
procedures were revised by SBA Procedural Notice 5000-829416 (March 9, 2022), which allowed SBA
Lenders to use either IRS Form 4506-C, IVES Request for Transcript of Tax Return, or IRS Form 8821,
Tax Information Authorization to verify SBA Applicant financial information. There has been no
change to the process for SBA Lenders using Form 8821 to verify financial information.
SBA Lenders are advised to begin using the new Form 4506-C immediately. However, for applications
already in progress, IRS will accept the prior version of IRS Form 4506-C through February 28, 2023.
Beginning March 1, 2023, SBA Lenders submitting requests for tax return transcripts through IVES
using the prior version of Form 4506-C risk rejection of the request. SBA Lenders must continue to use
the appropriate coversheets with IRS Form 4506-C.
The following links provide additional guidance from IRS:
Subscribe to IRS IVES news
FAQs on the IRS IVES system
Getting started using IVES
Questions:
SBA Lenders that are IVES participants should direct questions to the IRS point of contact that was
provided in the IVES welcome package. SBA Lenders that contract with a third-party IVES participant
should direct questions to the third-party IVES participant.
Dianna L. Seaborn
Director
Office of Financial Assistance
PAGE 1 of 1 EXPIRES: 1/1/24
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
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