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In June 2023, in an OpEd, SentiLink, and Funding Circle US noted that the IRS is standing in the way of Congress’ innovative solution to fight fraud and expand access to capital.
The OpEd points out that the IRS’ implementation of a 2018 law that requires it “to build a modern, real-time income verification system for the financial industry. Despite widespread opposition from the user community, the IRS is insistent on spending tens of millions of dollars to build an unusable system that won’t benefit borrowers.”
In response to the IRS’s failures, U.S. Reps. Patrick McHenry (R-N.C.) and Jimmy Panetta (D-Calif.), have introduced the “IRS eIVES Modernization and Anti-Fraud Act,” H.R. 3335. The bill is “aimed at ensuring the IRS follows the intent of the original law, which McHenry also authored. We applaud this bipartisan effort to salvage an important federal program and, if the IRS continues on its current path, encourage Congress to act quickly.”
The OpEd was from Jason Kratovil, the head of external affairs and public policy at SentiLink, a provider of fraud and identity solutions; and Ryan Metcalf, the head of public affairs for Funding Circle US, an online lending marketplace for small and medium-sized businesses.
Additional resources:
- IVES TFA API Test Environment – Communication # 2 (Nov. 22, 2022).
- IVES TFA API Test Environment – Communication # 1 (Nov. 21, 2022).
- Taxpayer First Act, Secs. 2201, 2202 (Pub. Law 116–25) (2018)
- e-CBSV
- A year after outcry, IRS still doesn’t offer taxpayers alternative to ID.me