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Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
IRS Expands Electronic Payment System,
by Mike Godfrey, Tax-News.com, Washington
Wednesday, August 25, 2010
Consistent with a Financial Management Service initiative announced in April
of this year, the US Internal Revenue Service (IRS) has issued proposed regulations to significantly increase
the number of electronic transactions between taxpayers and the federal government.
The proposed regulations would eliminate the rules for making federal tax
deposits by paper coupon because the paper coupon system will no longer be maintained
by the Treasury Department after December 31, 2010. The proposed regulations
generally maintain existing rules for depositing federal taxes through the Electronic
Federal Tax Payment System (EFTPS).
According to the IRS, using EFTPS to make federal tax deposits provides substantial benefits to
both taxpayers and the government. EFTPS users can make tax payments 24 hours
a day, seven days a week from home or the office.
Deposits can be made online with a computer or by telephone. EFTPS also significantly
reduces payment-related errors that could result in a penalty. The system helps
taxpayers schedule dates to make payments even when they are out of town or
on vacation when a payment is due. EFTPS business users can schedule payments
up to 120 days in advance of the desired payment date.
Some businesses paying a minimal amount of tax may make their payments with
the related tax return, instead of using EFTPS. More details regarding taxes
required to be deposited using EFTPS, dollar thresholds and other specific requirements
are in the proposed regulations.
.
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