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Monday, December 13, 2010

Federal Tax Deposit Changes

The U.S. Treasury has proposed changes to no longer maintain the paper deposit coupon system after 2010.  This means that you will no longer be able to take your paper payroll coupon to the bank to make your payroll tax deposits.  Deposits will need to be done electronically via the internet or telephone through the Electronic Federal Tax Payment System (EFTPS).  If you have not been making deposits and owe less than $2,500 on your payroll report you can continue to send a check with your payroll report.

If you are an employer, you may have already received a notice from EFTPS and the Department of Treasury or your bank, about this change.  Our office will be glad to assist you in completing your enrollment in EFTPS.

We currently offer the service of initiating the payment for clients through EFTPS.  If you are interested in this service please contact us at your convenience.