The Expanded Usefulness of IRS Business Tax Accounts
The IRS Business Tax Account (or BTA) system has been around for a bit but frankly hasn’t caught on much due to limited functionality and benefits. That seems to be changing, which is much welcomed.
BTA is an online self-service platform that allows authorized users of certain entity types to securely access and manage their federal tax records and information. The IRS just announced new and expanded features for BTA users, giving eligible entities more ways to view digital notices, make payments and access and manage federal tax account information online.
Valuable features that have been added to help businesses manage tax obligations online include:
- Users now have access to an expanding library of digital IRS notices.
- Designated officials can now download an EIN verification notice, which can be used instead of Letter 147C, EIN Previously Assigned, at banks and financial institutions.
- Users can view an existing payment plan’s balance and other details and make a payment toward that plan.
- Payments can also be submitted for an Offer in Compromise to settle tax debts.
Who can use Business Tax Account now?
BTA currently supports access for the following entities:
- A sole proprietor who has an Employer Identification Number issued by the IRS.
- An individual partner or individual shareholder with both a Social Security number and Schedule K-1 on file.
- S corporations.
- C corporations.
- Federal, state, and local governments.
- Indian tribal governments.
- Tax-exempt organizations.
What can eligible taxpayers do within the Business Tax Account?
Depending on their business type and role, eligible taxpayers can:
- View and make payments toward a balance due directly from a bank account including payments on a current return year, late payments for past tax years, and federal tax deposits.
- Schedule payments for any business day up to one year in advance and cancel a scheduled payment.
- View recently processed payments, including payments made through the Electronic Federal Tax Payment System online, wire transfers, checks or money orders, and see whether any payments were returned or refused.
- Store multiple bank accounts in an online “wallet” to manage tax payments.
- Request a tax compliance check.
- View the business name and address on file with the IRS.
- Give account access to eligible employees of the business.
- View and download transcripts for various payroll, income, and excise tax returns.
- View and download certain digital notices.
To register for a BTA or just get more details, go to www.irs.gov/businesses/business-tax-account.
If you are in business and are eligible, EGP highly recommends that you register for a BTA as soon as possible. It will make dealing with the IRS easier and more efficient for you, as well as, help us provide you with an even higher level of professional service.
