The IRS has expanded its business online account services, now allowing more business entities to participate and introducing new features to enhance accessibility and functionality.
Key Updates:
Expanded Access for C and S Corporations
Authorized individuals (designated officials) of C and S corporations can now:
- View and pay tax balances.
- Access and manage Federal Tax Deposits.
Enhanced Lending Support
A new feature supports the lending process by enabling sole proprietors and authorized individuals to:
- Use the IRS Income Verification Express Service (IVES) to approve or reject tax transcript authorization requests from lending companies.
Spanish-Language Access
Business taxpayers can now access:
- Available tax returns.
- Account and most entity transcripts in Spanish.
Payment and Transcript Access
Business taxpayers can:
- View and submit balance due payments through their online account.
- Access transcripts of business income tax returns, available to designated officials for C and S corporations, as well as partnerships.
Note on SMLLC Access:
- Currently, Single Member Limited Liability Companies (SMLLCs) reporting income on Form 1040 Schedule C do not have access to business online accounts.
- If an SMLLC elects to report income on Form 1065 or Form 1120-S, they may access the account as an individual partner or shareholder.
- Future expansions will include roles and access for SMLLCs in the business tax account system.
For More Information:
Visit the following IRS resources:
- IRS News Release 2024-310: Details IRS recovery efforts in financial criminal cases and new business online account features.
- Business Tax Account Page: Overview of account features and functionality.
- Designated Officials in a Business Tax Account Page: Information on authorized roles and access.
