Important 2016 Tax Information

The IRS is currently processing the 2016 tax year for 1040s, 1120s, 1120S and 1065s.

Employers are also preparing to send 2015 salary and wage reporting documents W2s and 1099s. These forms will generally become available for ordering in April 2017, with the availability increasing through June 2017.

The IRS allows ordering for the current tax year plus three (3) previous tax years; therefore, the 2012 tax year is no longer available.

TAX TRANSCRIPTS (Line 6):

Factual Data has started accepting 2016 tax transcripts for the following forms as of January 4, 2017.

  • 1040s
  • 1120
  • 1120s
  • 1065

As a reminder, every taxpayer files their personal and business tax forms differently with the IRS and the deadline for some type of filing action is April 18, 2017.

Once the consumer has filed their tax forms, the estimated turnaround times are as follows:

  • 4 to 6 weeks (if e-filed)
  • 6-10 weeks (if mailed before they are available to be verified through the IRS)

WAGE, SALARY DOCUMENTS (Line 8):

The IRS has indicated 2016 documents for W2s and 1099s will generally become available April 2017, with the availability progressively increasing through June 2017. As a reminder, these forms are processed through both the SSA and IRS and the forms have a different timeline than tax return filing.

It is important to remember that whenever a form is submitted to the IRS, the transaction is billable whether the IRS returns the information, rejects the order or has no record on file.

Request for Transcript of Tax Return (Revised Form 4506-T)

The Internal Revenue Service (IRS) has released a revised Request for Transcript of Tax Return, Form 4506-T (Rev. 9-2015). This form will need to be used when ordering a transcript or other return information.

Please begin using the new Form 4506-T (Rev. 9-2015) below when ordering Tax Return Verifications (older versions will be rejected by Factual Data beginning March 1, 2017).

Form 4506-T (Rev. 9-2015)

  • Do not sign this form unless all applicable lines have been completed including the new check box located directly above the signature line.
  • Request may be rejected if form is incomplete or illegible.
  • For more information about Form 4506-T, visit www.irs.gov/form4506t

If you have any questions, please don't hesitate to contact the Account Services Group at (800) 275-3389 or email info@factualdata.com