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The IRS has a relatively new tool for individual taxpayers: the IRS personal account using ID.me. This tool will allow you to view current payoff amounts, the amount due per year, two years of payment history, and other relevant information. The account is free to setup and should only take approximately 15 – 20 minutes, depending on whether one uses the self-service option or the live chat option.

First, to get started, visit the ID.me login page and then click the “Create an ID.me account” link below the sign in option. The on-screen prompts are easy to follow but, in addition to a valid email address and social security number, a webcam is also necessary for the ID.me account creation process as it used to verify your identity in both the self-service and live chat processes. A detailed step-by-step tutorial for setting up the ID.me account is available from the official ID.me support page.

Like many banking intuitions, the IRS utilizes a multi-factor authentication (MFA) process. This is an additional layer of protection for taxpayer information. There are five options available on the new ID.me/IRS MFA setup, including by text message or phone call, push notification, code generator, NFC-enabled security key or a FIDO security key. All of these options are considered secure, and ID.me has additional assistance for each one that is easily accessible during the setup process.

Once your account is created, you will have access to all of your IRS records and be able to manage payments and other features easily and quickly. Note that records are normally updated overnight. Payments, however, may take one to three weeks to appear.

If a personal account with the IRS is not possible, or the taxpayer is not an individual, there are alternative methods of determining how much is owed. Form 4506-T (Request for Transcript of Tax Return) can be filed to obtain a transcript for an entity filing a form other than a 1040. Individuals can also request a tax return transcript via mail or the IRS website.

By Zachary M. Simon, CPA, RFM Group
Member of the MICPA Financial Literacy Task Force