EFTPS – The Easiest Way to Pay the IRS
EFTPS is the Electronic Federal Tax Payment System. Individuals and businesses can use EFTPS to make payments on their taxes electronically. It is the only electronic system available to make payments to the US Treasury on tax accounts.
The main benefit of going through these steps is to be able to make secure and near immediate tax payments to the IRS as opposed to filling out a voucher and sending out a check in the mail. You get a receipt for your payment instead of having to track down the image of a cancelled check to verify your deposit. Here is how you set up an account:
The process of opening your EFTPS account is known as “Enrollment.” To enroll, you must have your Taxpayer Identification Number (Social Security Number or Employer Identification Number), bank account information and address as they appear on your IRS tax correspondence. But don’t postpone enrollment until the day you need to make a payment; after enrollment and before you can make a payment, a PIN to login to your account will be sent to you via US Mail. Once you have your PIN, you can begin making payments through the system for any type of tax.
The EFTPS system will allow you to make payments on individual or business income tax liabilities, estimated quarterly payments, installment agreements, and other types of tax. You can designate the tax type and period at the time that you schedule your payment.
The EFTPS website says that the IRS will not use account information related to use of EFTPS to collect amounts owed using a levy. If you have concerns about indirectly providing information to be used for enforced collections by the IRS, you could simply establish a separate account at a different bank to use with the online payment system.
Although there is a somewhat cumbersome enrollment process, the EFTPS website is the most secure method to make payments to the IRS and get proof that it was received.
If you have any questions about making payments to the IRS or reconciling your payments to your tax accounts, contact an attorney at Nielsen Law Group for help. You can schedule your initial consultation by calling (480) 888-7111 or submitting a web request here.