New IRS Tax Transcript Changes: What You Need to Know

During the busiest time of year for higher education institutions and financial services offices, the last thing you need is unexpected changes that throw your processes off, which is why news of upcoming changes to the IRS Tax Transcript, effective September 23, 2018, is likely not music to your ears. We're here to offer some insight on what the changes mean, and to offer some positive news (for StudentForms customers).  

IRS Changes Ahead 

The IRS will be partially redacting taxpayer and exemptions Personally Identifiable Information (PII) from the transcript. This limitation of identifiers might make it difficult for offices to match a mailed or faxed form to a specific student.  

Tax Transcript Information You’ll Still See: 

• Last 4 digits of any SSN listed on the transcript: XXX-XX-1234 
• Last 4 digits of any EIN listed on the transcript:  XX-XXX1234 
• Last 4 digits of any bank account or phone number 
• First 4 characters of the last name for any individual 
• First 4 characters of a business name 
• First 6 characters of the street address, including spaces 
• All money amounts, including balance due, interest, and penalties 

CampusLogic: Partners Through Change 

The good news is, if you’re already a StudentForms user, these changes to the tax transcript won’t affect you. Students are uploading transcripts into their student record securely, and we are tying all documentation to the student file, regardless of identifiers provided on the document. Additionally, through integration, we are able to deliver documents back to your imaging system pre-indexed, regardless of the IRS changes. We anticipate there will be minor adjustments to data entry fields during document review, as well as our OCR process.  Neither change should be overly impactful to the user experience in StudentForms.  

Keep an eye out for release notes and additional communication from your Customer Success Manager as the transition date approaches, and feel free to reach out to your CSM with any questions.  

Download the 2019-20 verification worksheets > 

About the Author

We mean it when we say “built by FinAid pros for FinAid pros,” and Amy is proof. She joined the CampusLogic executive team in 2013, after working nearly 10 years in Financial Aid offices around the country—from Albany to Albuquerque. While many of our coworkers also have experience in processing or servicing financial aid, Amy is our “spirit guide” in all FinAid compliance and community matters. She holds a bachelor’s degree in English Secondary Education from The College of St. Rose and a master’s degree in Higher Education from Walden University.

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