IRS adds notices, payment features to business tax accounts

The IRS, which recently made business tax accounts accessible to millions of new entities, said Thursday that it’s adding new features to the accounts and expanding others.

The updates give eligible businesses and organizations more ways to view digital notices, make payments, and access and manage federal tax account information online, the IRS said in a news release.

The business tax account is an online self-service platform that allows authorized users to securely access and manage their federal tax records and information. Recently added notices include CP081B, We May Have a Refund for You; CP211A, Application to File Extension of Time Approved; CP134R, Federal Tax Deposits Discrepancy — Due a Refund; and others, the IRS said.

Designated officials can now download a verification for an employer identification number (EIN), Notice CP575, Notice of New Employer Identification Number, which can be used instead of Letter 147C, EIN Previously Assigned, at banks and financial institutions.

Other changes allow those with access to a business tax account to view an existing payment plan’s balance and other details and make a payment toward that plan and to submit payments for an offer in compromise to settle tax debts for less than the full amount owed.

Future capabilities will enable access to more business and organizational entities and help the business tax account become a more robust self-service platform, the IRS said. For details about eligibility, visit Business Tax Account.

In April, the IRS expanded the business tax account to millions of entities — including partnerships, Indian tribal governments, tax-exempt organizations, and governmental bodies — that did not previously have online access to the platform. The newly eligible entities, which also included federal, state, and local governments, joined sole proprietors, S corporations, and C corporations on the list of those with access to the platform.

— To comment on this article or to suggest an idea for another article, contact Martha Waggoner at Martha.Waggoner@aicpa-cima.com.