On December 19, 2019, the Internal Revenue Service (“IRS”) posted guidance on the Taxpayer First Act, clarifying that Section 2202 applies only to disclosures made by the IRS after December 28, 2019. The Taxpayer First Act requires a lender obtain borrower consent to share tax information received from the IRS with other parties. Prior to this, Fannie Mae and Freddie Mac issued guidance stating their expectation that the consent form be included in any loans sold to them on or after December 28, 2019, which could require lenders obtain consent before December 28, 2019. The IRS’s guidance can be found here: https://www.irs.gov/newsroom/taxpayer-first-act-cybersecurity-and-identity-protections
