IRS Business tax account benefits

If you’re a business owner or authorized user interested in accessing and managing your IRS business tax information, be sure to create an IRS business tax account. Business tax account allows authorized users of certain types of businesses or other entities to access and manage their business tax information and offers the ability to make tax payments, review tax records and read your latest notices.

The IRS created the Business tax account | Internal Revenue Service (irs.gov) (BTA) last fall (2023) for sole proprietors and owners of partnerships and S corporations. Business taxpayers who can activate and use their IRS Business Tax Account include:

• A sole proprietor who has an Employer Identification Number (EIN) issued by the IRS.

• An individual partner or individual shareholder with both:

  • A Social Security number or an individual tax ID number (ITIN).

  • A Schedule K-1 on file (for partners, from 2012-2023; for shareholders, from 2006-2023).

Currently, a limited liability company that reports business income on a Schedule C can’t access Business Tax Account. Future access will be available for these businesses, as well as other entities including tax-exempt organizations, government agencies, partnerships, C corporations and S corporations.

Current features currently available:

- Account balance and payments

- Tax records (including transcripts)

- IRS notices

- Registration for clean energy credits

- The IRS continues to expand the features of the BTA and now allows taxpayers to make balance-due payments.

The IRS Business Tax Account provides several benefits for business owners. It allows you to manage all your federal tax obligations in one place, making it easier to track payments and deadlines. You can view and manage your business tax records online, including past returns, payment history, and any correspondence with the IRS. The account offers various payment methods for federal taxes, including electronic funds withdrawal and credit card payments. You can communicate securely with the IRS, reducing the risk of identity theft and ensuring your information is protected. The account provides access to various resources and tools that can help you understand your tax responsibilities and stay compliant. You can receive notifications about changes to your tax status, deadlines, and any potential issues with your account. If you need to file forms or make adjustments, having a business tax account streamlines the process.

Overall, it can save you time and help ensure that you stay on top of your business tax responsibilities.