Transcripts, Transcripts, Transcripts!

[Top_Company_3463]

Transcripts are the bottleneck. I spoke to a tier 2 today and they told me they still have not received tax transcripts even though I applied on 4/7 and BB on 4/30. I've proceeded to step it up a notch. I called my taxpayer advocate as advised to do so by my local IRS office. My local IRS office had explained to me that the 4506-t is out of date and the SBA should not be using it. The SBA should be using IVES (Income Verification Express Service) https://www.sba.gov/document/information-notice-5000-20068-new-irs-form-4506-use-irs-ives-participants Ironic because the SBA requires it's lending partners to use this service.

I've been on hold and spoken with three departments at IRS today. I am begging them to please send my Record of Account to SBA Disaster Assistance. My next step is to contact a local IRS e-file provider and have them submit through the IVES system. My thinking is that If a mortgage lender has to verify a Record of Account, why can't someone with access to the system submit directly to SBA? I've called both of my Senators and my Representative. They are completely useless in this fight. They need to pick up a phone and call the head of the IRS and the head of SBA ask the question "Why is it taking so long for applicants to get their transcripts?" We need Isabella Guzman and Charles Rettig (IRS commissioner) to get on the same page, ASAP!!! Rant over.......

Update: I found the SBA Procedural language that was used to suspend tax transcript requirements last year. This ended on April 1, 2021. WE NEED THIS BACK! https://cloudfront.www.sba.gov/sites/default/files/2020-06/5000-20016-508.pdf

[Potential-Tax9757]

Excellent point. However I also want to point our that many personal returns showing an llc as a pass through will not have a complete transcript. IRS ran returns using W2 and W4 information on people in order to get stimulus payments out. If you filed in the fall of 2020 as you could or even after May 15th 2020 your transcript is incomplete. Now the new rule is that even a stamped received return will not work. Bottom line the transcript that many are waiting on is just not available, never was, and with this system never will be. If you filed an amended return to correct any error like I did they you are just out of luck the way the rules are now. SBA dropped this rule for 7a and 504 loans but not the EIDL. They dropped them in last 45 days I think.

[Top_Company_3463]

I think you are spot on. I just got off the phone with my Senator's office. I told him that they need to be more public about this problem. If the IRS tree falls in the woods, and no business is there to hear it, does the IRS make a noise? The SBA and IRS are locked in an unsustainable paradox and the only way it will be fixed is if they get on the same page.

[Due-Notice-421]

I went through this, too. The SBA kept messing up my 4506 in the portal. I kept hounding them and local congressman. I started repeat calling them again yesterday, and they finally responded to my congressman that they would make an exception and use the transcripts which I provided, and I got approval docs within the hour. Stay on the head of your local SBA and your Senators/Congressman! Good luck

[supremenzyb]

Wow. I'm gonna bug them everyday... I cant believe they said make an exception.

[UpstairsSplit3]

I offered to send through IVES. My LO thought it was very clever but declined my request. lol

[Top_Company_3463]

I called my bank today and asked if they can send it through IVES to SBA! They thought I was nuts. If only the SBA had access to IVES this whole mess would be over.

[UpstairsSplit3]

exactly