EFTPS...

Electronic Federal Tax Payment System (EFTPS) Update

In a recent email to Batch Providers, EFTPS officials have announced an enhancement to the software is forthcoming in January 2014.  Some changes are only applicable to Batch Providers like APC, but the Taxpayer will see one significant change.  All new enrollments will automatically be assigned an Inquiry Personal Identification Number (PIN) that will enable them to view payments made to EFTPS.gov on their behalf.  In addition, PIN’s will also automatically be issued to any previously enrolled taxpayers with activity in the last 12 months that do not have access to EFTPS.gov.  Starting in January 2014, affected Taxpayers can expect this Inquiry PIN letter from the EFTPS and simply follow the instructions.

 

IRS Eliminates Form 8109-B. Electronic Reporting of Retirement Plan Withholding is Required after December 31, 2010.

 

On December 7, 2010 the IRS issued Final Regulations that now require the use of the Electronic Federal Tax Payment System (EFTPS) for all tax withholding payments, effective January 1, 2011.  Only taxpayers with an expected annual withholding of less than $2,500 are allowed to pay taxes by check.  Taxpayers will have two primary options going forward

    1.  Enroll in the EFTPS system and make withholding deposits on their own.
        Check with your investment provider first to see if they do this.

    2.  Use a service provider to make those withholding deposits on your
         behalf.

If you do not want to enroll in EFTPS, Associated Pension Consultants does have a solution that can work for you.  Please contact your APC consultant for more information, or you can also go to www.eftps.gov to learn more  about EFTPS.

 

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