How Do You Use The Electronic Federal Tax Payment System (EFTPS)?
The IRS has announced that proposed regulations will expand the use of electronic payment systems for payroll and other tax payments, and discontinue the use of paper coupons effective January 1, 2011. What is EFTPS? The Electronic Federal Tax Payment System (EFTPS) was set up to provide taxpayers a way to make payments electronically, instead of mailing them. It’s the 21st Century way to do things. The IRS says that using EFTPS benefits users because they can make payments at any time, day or night, from anywhere, by computer or phone. EFTPS also reduces payment errors. And you can schedule payments up to 120 days in advance of the payment date. How Does EFTPS Work? When you sign up for EFTPS, you provide information about your business bank account (routing number and account number). Once your account is verified, you make payments electronically using this system, just like any online banking or bi
