Many companies must file tax returns electronically by 1997.
The North American Free Trade Agreement of 1993 authorized the secretary of the treasury to mandate the electronic payment method for business taxes. The IRS supports the electronic funds transfer system because it makes payments more timely and efficient. A business that uses a third-party payroll processor or a financial institution as a reporting agent must still enroll in the EFTPS. All other taxpayers can voluntarily enroll and pay electronically.
For more information, contact the EFTPS customer service center at (800) 945-8400 or (800) 55%4477.
Companies with more than $50,000 in employment taxes must use an electronic payment system when filing the following forms:
Form 940, form 94l, form 943,
form 720, form 945, Form 990-C,
form 990-PF, form 990-T, form 1042,
form 1120, form CT-1
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|Publication:||Journal of Accountancy|
|Article Type:||Brief Article|
|Date:||Jul 1, 1996|
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