Small Businesses Will Be Required to Make Tax Payments Electronically
The IRS is proposing a change in the current quarterly tax payment procedures. Right now, small businesses and high income individuals are walking into their bank with a coupon and making federal tax deposits once every three months. After December 31, 2010, all federal tax payments must be done electronically through the Electronic Federal Tax Payment System (EFTPS).
The Treasury Department will no longer continue to maintain the paper coupon system so Reg 153340-09 will no longer allow payments by paper or bank deposits.
If you have more questions, check the EFTPS site directly or call customer service at (800) 555-4477. The deadline is coming up very quickly so make sure to get set up and check your registration to make sure that you can make your next tax payment.