As part of the IRS’s service improvement initiative, the Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands the business tax account capabilities and eligible entity types. The new expansion will help businesses download transcripts and sole proprietors will be able to view certain notices easily online. Individual partners of partnerships, individual shareholders of S corporations, and sole proprietors are now eligible for a business tax account.

“This is part of the ongoing IRS modernization effort to make improvements for business taxpayers and others,” said IRS Commissioner Danny Werfel in the press release. “This next step in the evolution of the Business Tax Account will help these businesses download transcripts and other features. Ultimately, these new online options will help make interactions easier for businesses while reducing paper-based processes and the need to call the IRS.”

Individual partners and shareholders will be able to access business tax account information as soon as a business return, including Schedule K-1(s), has been processed by the IRS. These individuals must have a Schedule K-1 for a minimum of one year during the 2019-2022 period on file and they will only be able to view information for those year(s). Sole proprietors with an Employer Identification Number (EIN) qualify to access their business tax accounts as well.

The new business tax account is available at IRS.gov/businesses/business-tax-account.