Written by: Catherine Kruse, HKA Global
On June 1st, Senior Accountant Jake Shockley and Client Service Manager Catherine Kruse presented on the IRS homepage and why it might be time to embrace the options that the IRS offers. While many taxpayers feel very strongly against being on their radar, the new technology that “The Service” offers is definitely an advantage in the long run. Don’t miss their next webinars on August 3rd and September 7th on submitting a power of attorney through the IRS site and making an estimated tax payment!
No one likes to think that they are on the IRS’s radar. Unfortunately, the truth of the matter is that if you have filed a tax return, you are already on their radar. What you might not know is that this can actually be beneficial to you! The IRS has a service which allows you to register an account and confirm the status of your tax return or extension, view estimated payments, and also even view your economic injury payments (if you received any). Even better, it is very easy to register!
Though I work for an accounting firm, I have a degree in English Literature and do not personally work on the accounting level. However, I found the site very transparent and easy to use. I was impressed by how quickly it responds and how much information about myself I could find from estimated tax payments to transcripts of previous tax years. If you are looking for anything related to the IRS from 2017 and on, you are likely to find it here on this site.
As you explore the site on your own, please don’t hesitate to contact us with questions or for help. You can always give us a call at (314) 993-4285 or e-mail: Office@hkaglobal.com.
Step 1: Go to the IRS Individual Information page: https://www.irs.gov/individuals
This page can be very helpful because it allows you to visit the individual account above, get a copy of your tax transcript, and also view your refund status specifically.
Step 2: Click on “View Your Tax Account” followed by “Create or view your account”: https://sa.www4.irs.gov/ola/. Then, “Create Account.”
The site will then take you through a series of steps to register and will ask you for information on previous tax returns, as well as for financial information to confirm your identity. Though a little tedious, it is well worth it in the long run.
Once you are able to log into your account, you have a variety of options which will show you exactly where you are in the eyes of the Internal Revenue Service.
Account Home: This is a dashboard that immediately shows your account status and whether or not you’ve filed your tax return, payment activity (extension, balance due, estimates) on your account, etc. Think of it as a cheat sheet for the rest of the site.
Account Balance: This page shows you the amount owed based on how you have filed your tax returns. If you have received refunds in the past, you will see $0.00 next to those tax years (exciting!). Furthermore, the account goes back to 2017.
Payment Options: This page takes you to the different places that you can pay a balance due. There are a variety of options and we recommend checking the fee before making any decisions. Typically, the fee is very minimal if you pay by debit card or bank ACH. It can be much steeper if you want to pay by credit card.
You can also create a payment plan for your balance due on this page. If you have never done this before, we recommend contacting Hauk Kruse so that we can offer our recommendation for your particular situation!
Payment Activity: This is going to show you scheduled, pending, and processed payments on your account. It can be very helpful if you are trying to remember what you have paid in for an extension or estimates while your tax return is being prepared.
Tax Records: This page gives you a summary of 2019-2021 tax years. It will give you a summary of how your 2019 and 2020 returns were filed (the form, filing status, adjusted gross income, and refund amount if you received a refund) and also lists any economic impact (stimulus) payments that you may have received.
There is also a link to view your tax transcripts online. There are many transcripts available to you including of your tax returns, your accounts with the IRS, wage and income, and record of having searched for your transcript.
Notices and Letters: If the IRS has sent you a notice, they can be found here. The page does specifically say that it has digital versions of “some” notices. In other words, if you received a notice, but it isn’t specifically listed, you should still follow up with the IRS or Hauk Kruse!