IRS Online Business Account Access Expanded to Partners, ShareholdersDecember 21, 2023
The IRS announced additional features to its online self-service tools for Business Tax Accounts, now expanding access to individual partners of partnerships or shareholders of S corporation businesses. ( IR 2023-243 ; 12/18/2023)
Partners and shareholders can access online account information after filing a business return with a completed Schedule K-1. An IRS news release called this the launch of the second phase of the agency’s efforts to modernize taxpayer service using funds from the Inflation Reduction Act (PL 117-169) as outlined in the Strategic Operating Plan released in April.
“This is part of the ongoing IRS modernization effort to make improvements for business taxpayers and others,” said IRS Commissioner Danny Werfel. “This next step in the evolution of the Business Tax Account will help these businesses download transcripts and other features. Ultimately, these new online options will help make interactions easier for businesses while reducing paper-based processes and the need to call the IRS.”
Further, Business Tax Account users can now download PDF transcripts including various forms for sole proprietors, S corps, and partnerships. For each of these groups, this includes Forms 940, 941, 943, 944, 945, 8752, 8288, 11-C, 730, and 2290.
Business Tax Account first launched in October but was limited to sole proprietors. According to Monday’s release, sole proprietors can access their Business Tax Account if they have an Employer Identification Number. Alternatively, individual accounts set up with a Social Security Number or an Individual Taxpayer Identification Number can use their existing login information for their Business Tax Account.
“Over time, Business Tax Account will be a one-stop application that provides business taxpayers a suite of digital products and services, including access to viewing letters or notices, requesting tax transcripts, adding third parties for power of attorney or Tax Information Authorization, and storing bank account information to manage tax payments,” the IRS said.