New IRS Tool to View Tax Balance

The IRS has announced the arrival of a new online tool to help taxpayers. This new IRS.gov tool will let taxpayers view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you look at your balance, you can take advantage of online payment options. These include direct pay, pay by debit or credit card and Online Payment Agreement.

But you don’t have to hurry: it isn’t a 24-hour option. The tool is available Monday through Friday, 6 a.m. to 12:30 a.m. ET; Saturday, 6 a.m. to 10 p.m. ET; and Sunday, 6 p.m. to midnight ET. The balance will update no more than once every 24 hours, usually overnight.

tool
A new online tool can let you calculate your tax balance.

Security Steps

Before using the tool, taxpayers will be required to authenticate their identities through the Secure Access process. This is a two-step authentication process, which means that returning users must have their info (username and password) plus a security code sent as a text to their mobile phones. Those taxpayers who have previously registered using Secure Access for Get Transcript Online or Get an IP PIN can use the same username and password as before.

For taxpayers just getting started with the system and Secure Access, you will need the following:

  • A readily available (and valid) email address
  • Social Security number
  • Your filing status and address from your last filed tax return
  • Your personal account number from a credit card, home mortgage loan, home equity (second mortgage) loan, home equity line of credit (HELOC), or car loan
  • A readily available mobile phone

As a step in the security process to authenticate taxpayers, the IRS will send verification, activation or security codes via email and text. Remember that the IRS will not (and rarely does) initiate contact via text or email asking for log-in information or personal data. You won’t be asked to click through links or input additional information with authentication contacts. Those IRS texts and emails will only contain one-time codes.

Call Scott A. Kunkel, CPA PC today in North Richland Hills at 817-498-1040 to learn more about the newest IRS updates.

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Source: Forbes

Scott A. Kunkel, CPA, PC

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