Printer Friendly

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.
COPYRIGHT 1993 National Society of Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
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.

Related Articles
Status report on IRS offset program.
Electronic filing - it's in everyone's future.
Reinventing the Internal Revenue Service: IRS and the National Performance Review.
Get with the program! The IRS ELF.
The age of electronic filing.
Guidance on required electronic FTDs.
A link to the IRS.
Electronic funds transfer now required for many taxpayers.
A practitioners' roundtable on the Taxpayer Bill of Rights 2.
New procedure for the suspension of interest on underpayments.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters