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Electronic Deposit of Taxes

On April 19, 2010, the Financial Management Service (FMS), a bureau of the Department of Treasury, issued a press release wherein it announced a new initiative that will require most businesses to make federal tax deposits electronically through Treasury’s free Electronic Federal Tax Payment System (EFTPS). Businesses are currently permitted to use paper federal tax deposit coupons. Businesses with $2,500 or less in quarterly tax liabilities that pay when filing their returns will be exempted from the new requirements. Treasury and FMS state that this initiative will be accomplished by changes to Treasury’s existing regulations. Therefore, be on the lookout for proposed changes to Treasury’s regulations to implement this initiative.

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