Veri-Tax LLC, Irvine, Calif., a provider of verification and fraud management products, and its subsidiary, Verification Bureau LLC, have launched a Form 4506-T electronic signature solution using the EchoSign platform by Adobe in support of the IRS’ commitment to accept electronic signatures on income verification requests beginning today.
Once received and approved by the IRS for processing, an electronically signed Form 4506-T releases a taxpayer’s previous years’ income tax transcripts from the IRS to an authorized third party.
After a lender or mortgage originator creates a tax transcript request, Veri-Tax facilitates the e-signature process directly with the borrower.
“With Adobe’s high level of support and functionality, we are confident we chose the best partner to successfully provide 4506-T e-sign functionality to the verification market,” said Veri-Tax senior director of product management Maria Kirgan in a press release.
The company said the e-signature solution also reduces signature forgery, lost paperwork and distorted data, problems that a paper-based process can pose when the 4506-T is scanned, uploaded, faxed, or sent though the mail.
“We anticipated releasing our 4506-T electronic signature option even before the IRS announced the e-sign pilot last year,” added Veri-Tax president Michael Chon.