The IRS has introduced a new online service for small businesses, called Online Business Tax Accounts, expanding on its existing online accounts for individuals. Currently, only sole proprietors who file business tax returns with an employer ID number are eligible to open these accounts. While the available services are limited at present, the IRS plans to enhance them in the upcoming months.
Once a small business creates an account, clients can:
- View their business profile.
- Manage authorized account users.
In the near future, additional features will include the ability to:
- View letters or notices from the IRS.
- Request tax transcripts.
- Add third parties for power of attorney or tax information authorizations.
- Schedule or cancel tax payments.
- Store bank account information.
For businesses other than sole proprietors, the main challenge in obtaining these accounts is verifying that the individual creating the account is a responsible officer for the business. The summary does not provide details on how clients can check their eligibility, so additional information may be available through the IRS or related documentation.