The IRS has introduced a new online tool for various types of corporations to manage their taxes in 2024. This includes partnerships and S corporation businesses, which are now eligible for an online IRS business tax account.
These online accounts allow certain types of business entities to download transcripts and reduce paper based transactions. It will also reduce the need to call the IRS for many informational inquiries. Previously only sole proprietors were able to open a business tax account.
Functionality for business accounts will be rolled out in phases with new features introduced over time. Users can now download their business tax transcript in PDF formate:
- For sole proprietors, this includes Forms: 940, 941, 943, 944, 945, 8752, 8288, 11-C, 730, 2290.
- For S corporations, this includes Forms: 940, 941, 943, 944, 945, 8752, 8288, 11-C, 730, 1120S, 2290.
- For partnerships, this includes Forms: 940, 941, 943, 944, 945, 1065, 8752, 8288, 8804, 11-C, 730, 2290.
Online business notices
The following business notices, which were normally mailed in the past will now be available online.
- CP080: Reminder – We Have Not Received Your Return, Credits May be on Your Account.
- CP136: Annual Notification of Federal Tax Deposit (FTD) Requirements (Forms: 941, 941-SS).
- CP216F: Application for Extension of Time to File an Employee Plan Return – Approved.Â
If you are an individual partner or shareholder, you can view your Business Tax Account information after you’ve submitted a business return which includes a Schedule K-1 and the IRS has processed it.
You need to have at least one Schedule K-1 from any year between 2019 and 2022. You can only see information for the years when you submitted a Schedule K-1.
For new businesses, you can’t access the Business Tax Account until a business return is submitted and processed by the IRS.
If you’re self-employed and have an Employer Identification Number (EIN), you can access your Business Tax Account. This is for people who use their EIN to file taxes for their business, like payroll taxes or taxes for trucks and buses.
If you’re a solo business owner and have already made a personal account using your social security or tax ID number, and you have also linked a company ID number to it, you can use your current login info to check your Business Tax Account. Right now, if you’re a solo business owner but don’t have a company ID, you can’t make a Business Tax Account. But, you can look at your tax records by creating a personal online account with the IRS.
Third parties for power of attorney or Tax Information Authorization will also be allowed to be authorized (by the primary business owner) to access business accounts online.
To set up a new Business Tax Account, see this IRS page: www.IRS.gov/businessaccount.