By Gary G. Wallace, CPA, Managing Partner
Recent updates give eligible businesses more ways to access IRS notices, manage payment plans and handle federal tax matters online.
The IRS has expanded its Business Tax Accounts with new features designed to give businesses and organizations additional ways to manage their federal tax information online.
First introduced in 2023, the Business Tax Account is an online self-service platform that allows authorized users of certain entity types to securely access tax records, make payments, view notices and manage other federal tax matters.
New Business Tax Account Features
The IRS recently added several capabilities to the platform. Eligible users can now:
- Access an expanded selection of digital IRS notices
- Designated officials will now have the ability to download Notice CP575 to verify an Employer Identification Number (EIN)
- View balances and details for existing payment plans
- Make payments toward existing payment plans
- Submit Offer in Compromise payments to settle tax debts for less than the full amount owed.
These features add to existing tools that allow businesses to make and schedule tax payments, review payment history, store multiple bank accounts for payments, access certain tax transcripts and notices, request tax compliance checks, manage account details and access, download tax transcripts and notices, and cancel previously scheduled payments.
Who Is Eligible?
Business Tax Account access is currently available to certain sole proprietors, individual partners and shareholders with a Social Security number or individual taxpayer ID, S corporations, C corporations, federal, state, and local governments, Indian tribal governments and tax-exempt organizations. Available features will vary depending on the type of entity as well as the user’s role.
The IRS plans to continue adding capabilities to the Business Tax Account as part of its effort to expand online self-service options and reduce paperwork.
Businesses interested in using the platform should review the IRS eligibility and registration requirements. If you have questions about your federal tax obligations or how these updates may affect your business, please contact your Keiter Opportunity Advisor.
- Source: Thomson Reuters Checkpoint®
About the Author
Gary G. Wallace, CPA, Managing Partner
Gary provides tax and business advisory services to business and individual clients. He has advised clients in various aspects of restructurings, including tax aspects of debt workouts and foreclosures, forgiveness of indebtedness, bankruptcy restructurings and liquidations, establishing liquidating trusts and partner-partnership transactions. Gary also has significant knowledge and experience in individual taxation, business taxation, and advising clients on all aspects of tax matters. He is the Managing Partner of the Firm.
More Insights from Gary G. WallaceThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
