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DocuSign Applauds Internal Revenue Service Move to Accept eSignatures
By: Business Wire
Nov. 15, 2012 05:17 PM
DocuSign, the global standard for eSignature, today announced that the U.S. Internal Revenue Service (IRS) will begin accepting DocuSign electronic signatures on Form 4506-T, the Request for Transcript of Tax Return, in January 2013. The move to eSignatures will expedite processing of important IRS forms for commerce, including tax transcripts for income verification which will help stimulate and accelerate business for banks, credit unions, mortgage brokers, credit card companies and other lending institutions. DocuSign will make it easier, faster and more convenient for citizens and businesses alike to secure loans.
“DocuSign applauds the IRS and its move to streamline critical government processes with electronic signature,” said Ken Moyle, chief legal counsel at DocuSign. “With as many as 25 million 4506-T forms processed by the IRS every year, we’re proud to have spearheaded this program with Equifax to make it easier, more convenient and secure than ever before to do business with the government.”
With DocuSign’s pilot to drive proof of concept for the IRS, DocuSign met all IRS requirements, including:
1. Secure Authentication: DocuSign offers Single Sign On (SSO), knowledge-based and multi-factor authentication options to ensure the right person signs the right document every time.
2. Consumer Consent: DocuSign ensures consumers consent to doing business electronically with the Federal government via a one-page consent form presented to the signer after authentication and prior to signing.
3. Separate Audit Trail: Every DocuSigned document includes a separate certificate of completion and legally binding audit trail with detail on who signed, when and where.
4. Tamper Proof: Documents are encrypted on the DocuSign network to prevent tampering and ensure validity.
When signed by a taxpayer, Form 4506-T authorizes the IRS to release transcripts—not actual returns or copies—showing previous tax returns, W-2 data, and 1099 information to a third party. This third party can be a lender, employer or even one’s accountant. The great majority of requests for tax transcripts come from home lending institutions, mortgage brokers, and real estate firms serving their clients. The IRS has indicated that other forms approved for electronic signature will follow.
DocuSign is used by businesses and organizations of all sizes, including federal, state, and local government organizations like the State of North Carolina for travel reimbursement approvals and California’s Butte County District Attorney’s Office for expediting search warrants. DocuSign helps government organizations – and businesses working with government organizations – accelerate transactions, reduce waste and costs, and create a better experience for citizens, vendors, suppliers and employees.
DocuSign users will be able to begin DocuSigning the 4506-T beginning on January 7, 2013. Individuals and organizations interested in learning more about DocuSign may visit http://www.docusign.com.
About DocuSign Inc.
DocuSign® is the leader in eSignature transaction management, and the global standard for eSignature. DocuSign helps customers accelerate transaction cycle times to increase speed to results, reduce costs, and delight customers with the easiest, fastest, most secure global network for sending, signing, tracking, and storing documents in the cloud. For more information, visit www.docusign.com or call 877.720.2040. Visit the DocuSign blog at www.docusign.com/blog and follow DocuSign on Twitter, LinkedIn and Facebook.
DocuSign is a registered trademark of DocuSign Inc. All other trademarked names or terms used in this document are the properties of their respective owners.
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