The IRS has expanded access to business tax accounts, allowing individual partners of partnerships and individual shareholders of S corporations to open IRS business tax accounts.
This marks the second phase of a new online self-service tool for businesses initiated under the Inflation Reduction Act. The move is part of the ongoing IRS modernization effort to enhance services for business taxpayers, offering a more efficient and user-friendly platform.
Features of the new business accounts include the ability for sole proprietors, S corporations, and partnerships to download PDFs of business tax transcripts for various forms, and sole proprietors can view specific notices related to their returns.
Access to business tax account information for individual partners and shareholders is contingent on filing a business return with Schedule K-1, covering the years 2019–2022. New businesses gain access after submitting and processing their business return with the IRS.
Sole proprietors with an employer identification number (EIN) are eligible to access their business tax account, and those without an EIN can set up an IRS individual online account to access tax records.
Existing login credentials can be used for access if an EIN is linked to an individual's Social Security number or individual tax identification number.