Setting up an Internal Revenue Service (IRS) Business Tax Account is a helpful way to view tax information.  It can save you time and frustration from having to wait on the phone with the IRS. Depending on the type of business you participate in, you will have access to different account features.  However, please note that some features could be limited or unavailable depending on your role in the business.

 

Who can set up an IRS Business Account?

  • Sole proprietor with an employee identification number (EIN)
  • An individual partner in a partnership
  • A shareholder in an S-Corporation

A partner or shareholder can only access the business tax account for the years they received a Schedule K-1 (currently available for tax years 2019-2022). 

New businesses won’t have access until a business return is submitted, processed, and on file with the IRS.

 

Sole Proprietor access

  • View business balance due 
  • View business tax records
  • View select digital notices 
  • Request a tax compliance check 
  • View business name and address on file 
  • Give account access to an employee
  • Register for clean energy credits (if eligible)

Partners or shareholder access

  • View business balance due 
  • View business tax transcripts 
  • View business name on file 

The IRS is continuing to expand the available features of these accounts.

 

Setting up an account

Setting up an account takes around 15 minutes. It utilizes ID.me to verify your identity. You need to have your government photo ID (driver’s license or passport) close by to verify your identity. It will ask for your email and then guide you through uploading a photo of your identification and taking a selfie. The easiest way to set it up is on a computer while having a smartphone ready.  There is also an option to have a live call with an ID.me video chat agent. 

As a safety precaution, the IRS notes that it will not contact you to obtain information on this account or ask you to log into your account to get a transcript. If you are interested in additional security measures regarding your account, it is possible to set up an IRS IP PIN.

 

 

Aura Advisors, an Accountancy Corporation is a boutique tax consulting, compliance, and representation firm working with affluent individuals and owners/officers/founders of start-up/emerging growth companies. Building connections beyond the code.