If you are in business you probably got a notice from the IRS recently telling you that you must pay your taxes electronically. This new rule takes effect January 1, 2011.
Up to now, businesses could pay most of their taxes by completing Form 8109 and paying their taxes at their bank. This system has been in effect for decades and worked well. The Internet has changed all that. It is now easier, and cheaper, for the government to have you use the Electronic Federal Tax Payment System (EFTPS) than to have you go to your bank to make the payments.
Use of the EFTPS system is required for business taxes. So if you must remit payroll taxes, income taxes, and various excise taxes, this system must be used starting January 1, 2011. Individuals may use the system to pay their federal income taxes and estimates.
Here is a link to some basic information about the system:
https://www.eftps.gov/eftps/direct/HelpAboutMain.page
The system is fairly easy to sign up for and to use. Here is the link to sign up:
https://www.eftps.gov/eftps/enrollment/new-enrollment-flow?execution=e1s1
You can always go to the IRS website at http://www.irs.ustreas.gov/ and search for information.
Massachusetts has required businesses to remit taxes electronically for several years. Information can be found at:
https://wfb.dor.state.ma.us/webfile/business/Public/Webforms/Login/Login.aspx
These systems are reasonably easy to use and will save you the time of driving off to the bank when you have to make these payments.
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