IRS Expands Business Tax Account Tools to Assist Entrepreneurial Business Owners, Partners, Shareholders by Claribel Velazquez
The IRS introduced Business Online Accounts in the Fall of 2023 to provide small businesses with an easy-to-use, self-service method for interacting with the agency and accessing their tax transcripts in real time. The free online tool is a part of the agency’s efforts under the Inflation Reduction Act (IRA) to modernize and improve its customer service capabilities.
Beginning on Jan. 1, 2024, sole proprietors, S corporation shareholders and partnership partners may visit IRS.gov/businessaccount to set up an online tax account using the Employer Identification Number (EIN) currently used to file business tax returns and report payroll taxes. Sole proprietors and S corporations that already have an EIN linked to their social security number (SSN) or individual tax identification number (ITIN) may use their existing login information to access their business tax accounts and check their entities’ tax payment history, make new payments and view IRS notices.
While the IRS expects to expand the digital products available to taxpayers via the new business tax accounts in the future, individual partners, shareholders and sole proprietors can currently download the following transcripts:
- Form 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return
- Form 941, Employer’s QUARTERLY Federal Tax Return
- Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees
- Form 944, Employer’s ANNUAL Federal Tax Return
- Form 945, Annual Return of Withheld Federal Income Tax
- Form 1120S, U.S. Income Tax Return for an S Corporation
- Form 1065…
- Form 8804…
- Form 11-C
- Form 730
- Form 2290, Heavy Highway Vehicle Use Tax
- Form 8752, Required Payment or Refund Under Section 7519
- Form 8288, U.S. Withholding Tax Return for Certain Dispositions by Foreign Persons
- Notice CP080, The IRS Has Not Received Your Tax Return
- Notice CP136, Annual Notification of Federal Tax Deposit (FTD) Requirements (Forms: 941, 941-SS)
- Notice CP216F, Application for extension of time to file an employee plan return
The Business Online Accounts gives sole proprietors (who file with an EIN) and individual partners and shareholders access to additional features, such as viewing business balances and tax transcripts. Sole proprietors can also view their tax records, select digital notices, request checks of their tax compliance, give account access to their employees (as needed) and register for clean energy credits (if eligible).
While the IRS continues to roll out the features of its new business account access tool, taxpayers should continue to work with their CPAs and tax accountants to ensure the accuracy and timeliness of their tax reporting and to provide copies of financial and informational filings when requested.
About the Author: Claribel Velazquez, CPA, is an associate director of Tax Services with Berkowitz Pollack Brant Advisors + CPAs, where she provides tax compliance and consulting services to high-net-worth individuals, closely owned businesses and commercial real estate and development businesses. She can be reached at the CPA firm’s Miami office at (305) 379-7000 or info@bpbcpa.com.
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