Why Taxpayers Should Have an IRS Online Account
In light of the recent global ransomware and data breaches we’ve all been reading about in the news, securing your financial data has become an ongoing necessity. From long computer passwords, two-factor authentication and the latest anti-virus software, taxpayers must use a variety of tools in order to fend off cyber criminals.
Even with these security measures in place, it’s still considered best practice to regularly review your financial accounts to ensure everything looks the way it should. Your bank and investments accounts are a great place to start, but we also recommend setting up an online account at IRS.gov. It’s a great way to monitor suspicious activity with your federal tax return among other great tools to keep you in the loop.
Taxpayers can securely access and view their IRS tax information anytime through their individual online account. You can see important information when preparing to file your tax return or following up on balances and notices. Here are some of the benefits and features of this online system:
WHAT INFORMATION CAN I VIEW?
Payoff amounts, which are updated for the current day
Balances for each tax year for which you owe taxes
Payment history
Key information from your most current tax return as originally filed
Payment plan details if you have one
Digital copies of select IRS notices
Economic Impact Payments if you received any
Your address on file
WHAT ELSE CAN I DO?
Select an electronic payment option
Set up an online payment agreement
NEW AUTHORIZATION FEATURE
The new the "authorization" option for IRS Online Accounts allows taxpayers to control who can represent them before the IRS or view their tax records. They can also approve and electronically sign Power of Attorney and Tax Information Authorization requests from their tax professional.
Your balance will update no more than once every 24 hours, usually overnight. Taxpayers should also allow 1 to 3 weeks for payments to show up in the payment history.
To access your information online, taxpayers must register through Secure Access. This is the agency's two-factor authentication process that protects personal info. Taxpayers can review the Secure Access page process prior to starting registration.
Reviewing and updating your federal tax information regularly can help protect your sensitive financial data from criminals and other bad actors. If you have any questions about how to setup an IRS Online Account or about keeping your tax and financial data secure, please CONTACT US. Our certified tax professionals are here to help!
