Monday, January 31, 2011

IRS not looking at 2010 taxes until February 15, 2011

With 8000 tax laws changed within the last 3 months of 2010, IRS will NOT begin looking at 2010 taxes filed by taxpayers until February 15th. 

What this means for self employed borrowers:
  •   If I need to see 2010 taxes (for length of employment or income purposes), the 4506T (tax transcript from IRS) which I need to submit to final underwriting will be delayed.  
  • My best guess for the delay will be 1 month from filing taxes for receipt of the 4506T.   

What used to be March 1st for approximate time frame for receipt of the 4506T after Tax filing in years past, is now moved out to April 1-15th, 2011 (a delay of 1 to 1.5 months). 

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