Congress Passes New Law to Mandate IRS Modernization

There has finally been movement on the ability to access IRS data which will have some significant impact on the fintech industry; a bipartisan bill called the IRS Data Verification Modernization Act of 2017 has become part of the Taxpayer First Act which was passed by the House and Senate last week; one of the most important aspects for the industry is the mandate for the IRS to implement a fully automated program for disclosing taxpayer information for third-party income verification using the internet. Source