Small business owners: these tax improvements are coming soon

Good news for small business owners — improvements to IRS phone service and online options are coming as a result of the Inflation Reduction Act. These customer service upgrades will make it easier and more convenient to file online and respond to notices.

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

Expanded online service tools

Before next filing season, the IRS will launch Business Online Accounts designed with small business taxpayers in mind. Small businesses can use their online account to:

• See tax information, and schedule and track payments
• Access business tax transcripts in an easy-to-read format

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

More ways to respond to notices and file documents

The IRS recently launched an online portal for businesses to file Form 1099 series information returns electronically. Businesses used to have to submit these forms by mail.

Later this summer, small business owners will be able to respond to certain notices online such as LTR0143C, Signature Missing. The IRS will continue to improve and expand these features.

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

Simplified, mobile-friendly forms

Small business owners who file their own taxes will save time with new simplified tax forms. The IRS will improve tax forms that small businesses use most frequently including Forms 940, 941 and 944. The updated forms will be mobile-friendly and available in multiple languages.

Improved processing times and faster refunds

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

Some of the forms that the IRS plans to make available online include popular forms such as Forms 1040 and 941.

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from Freelancers Union Blog https://blog.freelancersunion.org/2023/06/07/small-business-owners-these-tax-improvements-are-coming-soon/