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IRS Enhances Enterprise Tax Account Entry for S Companies and Partnerships

The Inner Income Service (IRS) has made a major stride in its ongoing modernization efforts by increasing the capabilities of its on-line enterprise tax account software. This enlargement is especially useful for small companies, because it contains new entry for particular person companions of partnerships and particular person shareholders of S company companies, along with sole proprietors.

Key Options of the Up to date Enterprise Tax Account

  • Expanded Entry: Companions in partnerships and shareholders in S firms now have entry to a enterprise tax account.
  • Downloadable Tax Transcripts: Companies can obtain PDFs of varied enterprise tax transcripts.
  • Viewing Notices for Sole Proprietors: Sole proprietors can view particular notices like CP080 and CP136.
  • Eligibility Standards: Entry is granted as soon as a enterprise return with Schedule Ok-1 is filed and processed for no less than one yr between 2019-2022.
  • Sole Proprietors with EIN: These with an Employer Identification Quantity (EIN) can entry their enterprise tax account.

Background and Context

This growth is part of the IRS’s service enchancment initiative beneath the Inflation Discount Act (IRA) and aligns with its multi-year Strategic Working Plan. It represents a transfer in direction of digitization and effectivity in tax administration for companies.

Assertion from IRS Commissioner

IRS Commissioner Danny Werfel highlighted this enlargement as a important side of IRS modernization, aiming to simplify interactions for companies and scale back paper-based processes.

Implications for Small Companies

  • Ease of Entry: The software’s enlargement permits small enterprise house owners to handle their tax obligations extra effectively.
  • Lowered Want for Direct Contact: With these on-line options, companies can deal with many tax-related duties while not having to name or mail the IRS.

Future Enhancements

The IRS plans to evolve the enterprise tax account right into a complete utility, providing a full suite of digital services. This may embody viewing letters or notices, requesting tax transcripts, authorizing third events, and managing tax funds.

Setting Up and Accessing the Enterprise Tax Account

  • For New Customers: Companies can arrange their accounts by visiting IRS.gov/businessaccount.
  • For Current Customers: Sole proprietors with an present particular person account linked to an EIN can use their present login to entry the enterprise tax account.

The IRS’s enhancement of the enterprise tax account software is a welcome growth for small enterprise house owners. It simplifies tax administration, permitting for extra environment friendly and streamlined interactions with the IRS. This transfer is a major step within the IRS’s broader effort to remodel and modernize its providers, making tax compliance simpler and extra accessible for companies of all sizes.

Picture: Irs

This text, “IRS Enhances Business Tax Account Access for S Corporations and Partnerships” was first printed on Small Business Trends