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TAXLINK foreshadows the future.

The Internal Revenue Service is undertaking a test program designed to increase the speed and reduce the burden of compliance with Federal tax deposit requirements. This pilot program, designated TAXLINK, is a completely paperless execution of the most commonly submitted returns required by the Service. TAYLINK is an electronic tax deposit processing system that accepts fund transfers. After a minor registration requirement, taxpayers may submit their deposits via an electronic funds transfer to the US Treasury's general account. These transfers can be made either automatically by the financial agent of the Service or, at the instruction of the taxpayer, on a month-by-month basis. Generally, TAXLINK is being used to collect Federal tax deposit payments for the employers' returns.

Participation in TAXLINK is completely voluntary but is limited to taxpayers who make eligible tax payments in connection with business tax forms. Unfortunately, at this time, participants must have their principal place ofbusiness in Florida, Georgia or South Carolina.
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Title Annotation:Tax Talk; IRS' tax deposit processing system
Author:Green, Gary L., Jr.
Publication:The National Public Accountant
Date:Oct 1, 1993
Previous Article:Award of litigation costs to taxpayer.
Next Article:Anatomy of a compromise: the Revenue Reconciliation Act of 1993.

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