LB Roll Forward Changes to Accept 2023 Tax Documents

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LoanBeam will accept 2023 tax documents beginning January 29^th, 2024.

Once LoanBeam starts supporting 2023 tax returns, we will stop supporting all calculations related to 2020 tax documents.

LoanBeam Tax Updates

2023-2022 versions of all templates have been added to all accounts.
2021-2020 versions of all templates have been removed from all accounts.
The Depreciation rate for 2023 is set at 28 cents per the IRS.
- Both Form 2106 and Schedule C use the depreciation rate if Business Miles are used. All templates are affected by this change.
- Notice 2023-03 (irs.gov) will explain why we use the business standard mileage of 28 cents and not the standard mileage of 65.5 cents.

LoanBeam Wage Updates

Adding 2023 Documents to Existing Applications

As of 1/29/24 clients can add 2023 documents to an existing 2021/2022 application to have the app reprocessed with 2023 information
IF the client already tried to upload 2023 documents PRIOR to roll forward on 1/29/24, they can either:
- Upload the 2023 docs a 2nd time, Answering YES to the prompt that asks the client if they want to reupload the same file name OR
- The client can create a new application on the dashboard with the appropriate documents

Note: A detailed summary of ALL IRS tax form changes is attached.

internal reference RF24-68