Posted September 20, 2018 05:37:40 How to avoid paying a mortgage and tax on a $700,000 home, or the IRS can use an automated tool to do so.
The software, called RASCOVER, is used to find the IRS’ virtual assistant — or VAO — who can help the agency find tax refunds, and to determine how much the IRS would owe.
It can also help the IRS verify tax payments.RASCOVERS is being used by a handful of real estate agents, according to the IRS, which declined to identify the agents.
They are not affiliated with the IRS.
The IRS says it uses the software for the following purposes:To help find tax refund claimsIf an agent finds that the taxpayer owes a refund and can prove that the tax refund was owed, the agent can help determine the tax owed and the amount of the refund.
If the refund was paid before the tax return was filed, the IRS will send the taxpayer a check, which will be returned to the taxpayer.
The agency can also use RASCovers to verify whether a refund is owed, and if so, whether it was paid to a person or a corporation.
It’s unclear how often the software is used by real estate companies.
Some real estate associations and other entities have already been using the software to verify tax refunds.
The Washington Post first reported the software’s use by real-estate agents.
Rascovers is not new, but the IRS says that it is being made available to real estate and financial institutions to use as they work to improve their reporting and processing of tax returns.
The service has been available for a year, and is used in more than 150 real estate offices nationwide.
It is not currently being used in California, where the state has been using it since the spring.
In March, the House Ways and Means Committee announced it would be issuing a “report card” for real estate.
The report card will give an indication of how well real estate is doing, with the goal of improving the agency’s transparency.