The IRS has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types.
As a result, individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.
Individual partners and individual shareholders will be able to access business tax account information once the IRS processes their filed business return with a Schedule K-1.
Over time, the IRS plans to make the business tax account a one-stop application that provides business taxpayers with a suite of digital products and services. Read more.