Here’s what to expect:
An expanded online service platform
IRS is set to launch Business Online Accounts before the 2024 filing season—a system designed for the convenience of small business taxpayers. Small businesses will be able to use the online platform to:
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- View tax information
- Schedule and track payments
- Access concise business tax transcripts
- Respond to correction of self-employment income, employment-related identity theft notifications, and dozens of other online notices
- File forms such as Form 1099 series information returns
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Updated and mobile-friendly forms
The IRS is streamlining tax forms to be more concise and user-friendly—saving time for small business owners who file their own taxes. The improved forms include the ones used most often, such as Forms 940, 941, and 944. They will be mobile-friendly and available in multiple languages for convenience.
Faster processing times and refunds
Small business taxpayers are on track to save money with improved processing times and faster refunds. The IRS plans to:
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- Automate processes by shifting from paper-based to an online platform
- Increase the availability of online forms, such as Form 1040 and 941
- Implement the Digital Intake Initiative by scanning millions of tax returns in 2023
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Questions? We’re listening.
Let’s navigate the 2024 tax season together—contact an expert tax professional today to start your personalized plan. Find out more here.