It’s time to throw out those 8109 coupons! Beginning in 2011, most small businesses in New Hampshire and throughout the country will be required to pay by EFT (Electronic Funds Transfer) when making their tax deposits.
We still have some clients who insist on going to their bank to pay their payroll taxes. Not any more!! The U.S. Department of the Treasury has announced that businesses currently permitted to use paper Federal Tax Deposit (FTD) coupons will have to make those deposits electronically beginning in 2011 with few exceptions.
The major exception to the above rule will be for businesses with $2,500 or less in quarterly tax liabilities that pay their tax liability when they file their return.
Currently, nearly 98% of all business tax dollars are paid electronically through the Treasury’s free Electronic Federal Tax Payment System (EFTPS). IRS research has shown that businesses using EFTPS are 31 times less likely to make an error.
The new initiative is one of several in the Treasury’s plan to go green, a move that is expected to save more than $400 million and 12 million pounds of paper in the first five years alone.
Steven A. Feinberg – www.AppletreeBusiness.com – Get Appletree Blog via Email!
Filed under: Uncategorized Tagged: | 8109, EFT, EFTPS, Payroll Tax Deposits, Treasury
