Dealing with the IRS is supposedly about to get easier for small businesses.
The agency is pledging improvements to phone service, in-person and online options for small-business taxpayers following the headline transfusion of funding from last summer's Inflation Reduction Act and the subsequent IRS
Among the promised upgrades:
- Expanded online service tools. Before next season, the IRS will launch Business Online Accounts, where small businesses will be able to see their tax information, track refunds, and schedule and track payments. Business tax transcripts will also be available online.
- Additional ability to respond to notices and file documents. The IRS recently launched an
online portal for businesses to e-file 1099 series information returns. This summer, small-business owners will be able to respond to certain notices online such as the LTR0143C, "Signature Missing." Expansion of these features is planned. By 2024, small-business owners will be able to respond to the correction of self-employed income, employment-related ID-theft notifications and other online notices. The IRS will also simplify the language in the notices. - Simplified and mobile-friendly forms. Forms 940, 941 and 944, among others that businesses use, will be streamlined and be made mobile-friendly and in multiple languages.
- Digitization to eliminate paper-based processes. The IRS is expanding its scanning of paper forms to include the most popular forms: the 1040 and 941.
