IRS Requires Electronic Tax Deposits
September 7, 2010 | 
Subscribe to our RSS Feed
IRS will eliminate use of federal tax deposit coupons after 2010.
Thus, firms will have to wire deposits of all taxes to IRS…payroll taxes, corporate income taxes and estimates, excise taxes and the like. Currently, employers can use paper coupons if their annual deposits don’t exceed $200,000.
Only very small firms will be exempted from depositing electronically… employers with $2,500 or less in quarterly employment taxes that pay their liability when filing their returns. All other coupon users must switch to making deposits by wire using Treasury’s Electronic Federal Tax Payment System. For information on enrolling for electronic deposits, go to www.eftps.gov or call 800-555-4477.
Questions?
or
bart.scheffel@glassjacobson.com
Leave a Reply
By submitting a comment here you grant Glass Jacobson a perpetual license to reproduce your words and name/web site in attribution. Inappropriate or irrelevant comments will be removed at an admin's discretion.