The Internal Revenue Service has launched a new electronic tax payment system for businesses which is intended to offer taxpayers enhanced and quicker access to the electronic payment system, and help the IRS meet its e-filing targets.
According to the IRS:
“This initiative will be available using the Electronic Federal Tax Payment System (EFTPS), a service offered free by two bureaus of the U.S. Department of the Treasury, IRS and the Financial Management Service (FMS).”
“EFTPS enables taxpayers and tax professionals to make federal tax payments electronically online, by phone, or with batch provider software for professionals,” the IRS added in a statement.
Dick Gregg, FMS Commissioner commented: “Paying taxes using EFTPS means 19 times greater accuracy.”
He continued: “Greater accuracy means fewer penalties.”
EFTPS was introduced in 1996, and since that time more than 4.4 million taxpayers have enrolled in the system to make their federal tax payments electronically. In fiscal year 2003, EFTPS processed more than 68.5 million transactions totalling more than $1.5 trillion.
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