Creating an IRS.gov online account is more important than ever. With passage of Covid related legislation and increased assistance from the federal government, tax time is going to get even trickier than normal. Stimulus money such as the Economic Impact payments, as well as the new Child Tax Credit advances must be reconciled on your upcoming 2021 tax returns. Creating an irs.gov account gives you easy access to both the Economic Impact Payments and advance Child Tax Credit amounts reported as being paid to you. Being able to login to a secure account and access important information from one centralized area will save gathering time of required information from the IRS we must have to prepare your 2021 tax return.
In addition to a having access to the payments received, each taxpayer has access to other important tax information, such as their prior year adjusted gross income, estimated tax payments made, payments made for installment agreements, digital copies of select notices from the IRS and copies of tax records using the “Get Transcripts” link. At some point in 2021, taxpayers will also be able to digitally sign certain authorization forms, such as power of attorney, that have been initiated by your tax professional, greatly speeding up responses to IRS notices and other tax related issues.
The registration and set up process to create an account is relatively straight-forward. Step-by-step instructions have been included to help ease the process. However, if you run into any issues, the staff at CPA Consulting Group, LLP is also always available to help walk you through the process or answer any questions you may have.
To get started, just click the links below: