Friday, November 5, 2010

8109-B coupons/ Federal Tax payments/ EFTPS

If you are a small business owner you may have recently received a notice from the federal government regarding signing up for EFTPS. The information probably included a PIN and a phone number to contact the IRS directly.

Do not be alarmed by this notice. Also be sure to take note that the IRS is contacting you pursuant to proposed regulation. The fact of the matter is, that many banks are no longer going to accept payment coupons because they see no benefit in offering the service to their customers.

EFTPS is a program that directly transfers amounts from your banking institution to the federal government. You can use either the automated phone system or the online system. At this point in time, we are recommending that all of our clients sign up with EFTPS, as their bank will not be accepting coupon payments in the near future. If you need help making this change please contact your accountant, or check out this link to the IRS website.,,id=98005,00.html

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