EFTPS.

• Author: Laffie, Lesli S.
• Position: From the IRS

According to IR-2004-10, the IRS has launched an initiative, available using the electronic Federal tax payment system (EFTPS), intended to provide businesses with a faster system for paying taxes electronically. EFTPS, a free service, enables taxpayers and tax advisers to make Federal tax payments electronically online, by phone or with batch provider software (for professionals). EFTPS "express enrollment for new businesses" will affect all businesses receiving a new employer identification number (EIN).

Business taxpayers with a Federal tax obligation will be automatically pre-enrolled in EFTPS to make all Federal tax deposits.

In addition to receiving their EIN, taxpayers will also receive a separate mailing containing an EFTPS personal identification number and instructions for activating their enrollment (by calling a toll-flee telephone number, entering banking information...