Small business owners: these improvements are coming quickly

Great news for small business owners - - improvements to IRS phone service and online choices are coming as an outcome of the Inflation Reduction Act. These client service upgrades will make it much easier and more convenient to file online and respond to notifications.

Here's what small business taxpayers can anticipate to see in the future.

Expanded online service tools

Prior to next filing season, the IRS will introduce Business Online Accounts developed with small company taxpayers in mind. Small companies can utilize their online account to:

• See tax information, and schedule and track payments


• Access organization tax records in an easy-to-read format

The IRS will include more features to Business Online Account through 2024.

More ways to respond to notifications and file documents

The IRS just recently released an online portal for businesses to file Form 1099 series information returns electronically. Organizations used to need to send these kinds by mail.

Later on this summertime, small company owners will have the ability to react to particular notifications online such as LTR0143C, Signature Missing. The IRS will continue to enhance and expand these features.

By 2024, small business owners will be able to respond to correction of self-employment earnings, employment-related identity theft alerts and dozens of other online notifications. The IRS will also update the notifications with clear directions on what taxpayers need to do.

Streamlined, mobile-friendly kinds

Small company owners who file their own taxes will save time with new streamlined tax return. The IRS will enhance tax forms that small businesses utilize most frequently consisting of Forms 940, 941 and 944. The updated forms will be mobile-friendly and available in numerous languages.

Enhanced processing times and faster refunds

Small business taxpayers will save cash, see improved processing times and get faster refunds as the IRS:

• Automates paper-based processes


• Makes more types offered online


• Stays on track to scan millions of tax returns in 2023

A few of the forms that the IRS prepares to offer online include popular forms such as Forms 1040 and 941.