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IRS Online Account is a Handy Tool, Agency Says

Live long enough, and we all come to realize there are still a few universal truths:

  1. Everybody likes to save a little time.
  2. Everybody likes options.
  3. Everybody likes things to be easy.

When it comes to dealing with yearly income taxes, the Internal Revenue Service thinks its new IRS online account can give taxpayers a little more on all three fronts. The agency says this online account is a safe and—yes—easy way for taxpayers to keep up with some of the details of their federal income taxes.

What can taxpayers see on their IRS online account?

The IRS says that taxpayers can see the following information on their IRS online account:

  • Their payoff amount, which is updated for the current day.
  • The balance for each tax year for which they owe taxes.
  • Their payment history.
  • Key information from the their most current tax return as originally filed.
  • Payment plan details if they have one.
  • Digital copies of select IRS notices.
  • Economic Impact Payments if they received any.
  • Their address on file.

What can taxpayers do on their IRS online account?

The IRS says taxpayers can take the following actions using their IRS online account:

  • Select an electronic payment option.
  • Set up an online payment agreement.
  • Go directly to Get Transcript.

One of the other new features in the Online Account is the ability for taxpayers to designate who can represent them before the IRS or to view their tax records. Users can also approve Power of Attorney and Tax Information Authorization requests from their tax professional—and to sign the documents digitally.

All these features can go a long way to helping out with that “saving time” thing.

The IRS reminds there are a few details to remember when using the Online Account feature. A taxpayer’s balance will update only once over a 24-hour period; usually, this happens overnight.

In addition, taxpayers should allow 1-3 weeks for payments to show up in their payment history.

Registration through Secure Access is required before access to the Online Account is granted. This two-factor authentication process helps ensure that users’ personal information remains secure.

Taxpayers can review the Secure Access process online before starting registration.

Source: IRS Tax Tip 2021-107

Story provided by TaxingSubjects.com