Oct 01, 2021
By Barry Frantz, EA Partner at Terry Lockridge & Dunn
Have you ever called IRS to ask a simple question or inquire about your tax account? If so, I am sure you waited on hold for several minutes or even hours. After finally speaking to an IRS agent, you were then asked several questions to verify your identity before getting to the point of your call. This painful wait time and verification process, while necessary, can be avoided by verifying your identity one time and setting up an online account with IRS.
After you establish your IRS online account, you will have access to your personal tax information that has never been offered online before. You will also be able to make certain elections, such as opting out of the advanced child tax credit and granting Power of Attorney to your tax professional to represent you before IRS when dealing with a notice, review, or audit. Here are some other benefits of the IRS online account.
You can view:
- Total amount of tax you owe, updated daily
- Your tax balance details by year
- Your tax payment history and any scheduled or pending payments
- Key information from your most recent tax return
- Payment plan details if you have one
- Digital copies of select notices from IRS
- Your address on file
- Authorization requests from tax professionals
- Economic Impact Payments received
- Advanced child tax credits received in 2021
You can also:
- Make a payment online
- See payment plan options and request a plan via Online Payment Agreement
- Access your tax records via Get Transcript
To create your IRS online account, log onto https://www.irs.gov/payments/view-your-tax-account and select “Log Into Your Online Account”.
Before you register for online services, you need to verify your identity so no one else can access your IRS online account. It takes about 15 minutes to register. You need to have this information ready:
- Email address
- Social Security Number (SSN) or Individual Tax Identification Number (ITIN)
- Tax filing status and mailing address
- One financial account number linked to your name
- Credit card – last 8 digits
- Student loan
- Mortgage or home equity loan
- Auto loan
- Mobile phone linked to your name
If you have question or concerns about setting up your IRS online account, please feel free to contact Barry at email@example.com, or any of the accountants at Terry, Lockridge & Dunn. They can be reached in Cedar Rapids at 319-364-2945, or in Iowa City at 319-339-4884.