Benefits of an IRS Tax Account

For Individual Taxpayers

Individual taxpayers can benefit from accessing tax records, including transcripts of recently filed tax returns and copies of notices from the IRS. Additionally, you can view outstanding tax balances with the IRS, as well as schedule or cancel payments if necessary. Information about payment plans is also available, and you can apply for them through your account.

Creating an IRS Tax Account

To gain online access to your tax information as an individual taxpayer, you’ll need to create an ID.me account. This process involves verification, which includes providing personal information and taking a video of yourself. The entire process typically takes five to ten minutes. You also have the option to verify your identity through a video call with an ID.me agent.

To find out more about Individual tax accounts visit https://www.irs.gov/payments/online-account-for-individuals

Sole Proprietors

As a sole proprietor, if you report business tax returns that require an EIN (such as payroll taxes) and already have an individual tax account, you don’t need to create a separate business tax account. This integration allows you to view all personal and business information under one account. You can even set up multiple users for this account. Features include access to balances due, the ability to schedule payments, access to tax notices, and the ability to request transcripts for payroll and business tax records.

Partnerships and Shareholders of S Corporations

Partners and shareholders can access their business tax information if they have a social security number or an individual tax ID number, along with at least one Schedule K-1. For partners, K-1s must be from tax years 2012-2022, and for shareholders, they must be from 2006-2022. This account type has some limitations compared to sole proprietors, such as the inability to view digital copies of tax notices. However, you can still access transcripts of payroll and business records, view balances, and schedule payments.

To find out more about business tax accounts visit https://www.irs.gov/businesses/business-tax-account.

Always consult with a tax professional for professional advice.

Matthew Bluzer