WASHNGTON - The Internal Revenue Service has issued proposed regulations to eliminate rules for making federal tax deposits by paper coupon since that system is coming to an end after December 31. Deposits will then all be made through the Electronic Federal Tax Payment System via computer or telephone.
Some businesses that pay minimal taxes can make payments via a related tax return instead of using EFTPS. Dollar thresholds and other requirements are n the proposed regulations. Enrollment information for EFTPS can be found at www.eftps.gov or by calling customer service at (800) 555-4477.
With EFTPS, filers can schedule dates for making payments up to 120 days in advance of the desired payment date.
Additional Information can be found in the following:
Publication 4132, which explains the process of enrolling and paying via the Internet
Publication 966, The Secure Way to Pay Your Federal Taxes for Businesses and Individuals
Publication 4169, Tax Professional Guide to Electronic Federal Tax Payment System
Publication 4320, EFTPS Toolkit, which contains PDF(s) and descriptions of EFTPS educational materials and their intended target audience, and is for use by tax professionals and financial institutions to assist in educating their clients on the benefits of EFTPS.
Publication 4275, Express Enrollment for New Businesses
Electronic Payment Options Home Page
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
