Business Tax Account available for Corporate Designated Officials; Income Verification Express Service open to Designated Officials and sole proprietors
The IRS continues to open its Business Tax Account to a growing number of business taxpayers and expand the features available. The latest expansion lets Designated Officials view and pay their corporation’s tax balances and make federal tax deposits. In addition, Designated Officials and sole proprietors can now use Business Tax Account for tax transcript authorization requests from lenders through the IRS Income Verification Express Service.
The IRS urges every eligible business to activate and use their Business Tax Account.
Charitable contribution scams on the rise
The IRS warns taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS.
Businesses can find out more info on this abusive transaction, their responsibility, how to avoid the scam and what the IRS is doing about it.
Highlights from National Tax Security Awareness Week
The special week was part of the Security Summit initiative, a joint effort of the IRS, the states, the tax industry and tax professionals. The group works to protect taxpayers and the tax system against identity theft.
- Day 1: IRS warns of holiday scams, encourages protecting sensitive personal information
- Day 2: Watch out for bad tax advice on social media
- Day 3: Guard against fraudsters with an IRS identity protection PIN
- Day 4: Update digital security to guard against the latest scams
- Day 5: Tax pros urged to guard clients’ information against identity theft
Other tax news
These topics may be of interest to small businesses and their partners:
- IRS Criminal Investigation releases fiscal year 2024 Annual Report; details agency’s global reach, billion-dollar impact
- Retirees: Make required withdrawals from retirement plans by year-end deadline
- Save for retirement now, get a tax credit later: Saver’s Credit can help low- and moderate-income taxpayers save more in 2025
- IRS announces 2025 grants for the Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program
- New report: Billions recovered in tax; progress made on service improvements
- IRS requests applications for 2025 Electronic Tax Administration Advisory Committee membership