Free Consultation|USA Only +1 (866)754 4460|Outside USA +1 (516)822 3100
InfoTaxSquare.com - Website Logo
  You are here : Home  >   Services  >   Business Tax  
TESTIMONIALS
InfoTaxSquare.com - Testimonials  


Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year

 
0/5 stars (0 vote)
Category : > Business Tax
Posted On : Sat Aug 21st,2010

 
Issue Number: IR-2010-092 -Information Source-IRS-Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
 

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year

WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.

The proposed regulations (REG 153340-09) 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 Dec. 31, 2010. The proposed regulations generally maintain existing rules for depositing federal taxes through the Electronic Federal Tax Payment System (EFTPS).

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.

  


Committed to give our users most updated news!
For instant news please subscribe at www.infotaxsquare.com


Leave Your Comments
Your name :
Email Address : Will not be published
Please enter your email if you want us to send answer to your email. We have a strict policy of not to share your email address with any other party.
Your message :
Insert these letters into the textfield below: (required, case-sensitive): JbHSc
Do you want to Subscribe for
InfoTaxSquare Business News Bulletin?
Yes
No
Comments (0)
Load More
No Comments found, Be the first to write comment
 


InfoTaxSquare.com - 10 Successful Years
Copyright © 2010, Infotax Square All Rights Reserved.
InfoTaxSquare.com - Allows Payment Processing With Visa, MasterCard, American Express and Discover
Terms and conditions, features, support, pricing and service options subject to change without notice.