S Corps, Partnerships Get Access to IRS Business Tax Account

The IRS broadened who will be able to access its online self-service tool and its capabilities, the agency announced Monday.

The newest update to the Business Tax Account allows partners in a partnership and individual shareholders of an S corporation to access the tool after the business return with the Schedule K-1 is filed and processed by the IRS.

The first phase of the Business Tax Account launched earlier this year as part of the IRS’s modernization efforts with its tens of billions of funds from the Inflation Reduction Act. The tool is meant to make it easier for ...