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Electronic Deposit Requirement for Federal Payroll Taxes Replaces Form
Changes to the U.S. Department of Treasury federal payroll tax deposit system will affect all businesses with tax liabilities more than $2,500 quarterly. Beginning January 1, 2011, many businesses will be required to make federal tax deposits electronically and will no longer be able to use Form 8109 federal tax deposit coupons.
Businesses must enroll in the Electronic Federal Tax Payment System (EFTPS) and can then use the EFTPS Web site or voice response system. Additionally, they can ask financial institutions or other trusted third parties, such as a tax professional or payroll service, to make payments on their behalf. Financial institutions are not required to initiate payments on behalf of their clients, however, and businesses are encouraged to be proactive to ensure that they are enrolled and these deposits are made by the deadline. Failure to make payments using EFTPS could result in a 10 percent failure-to-deposit penalty.For more information about EFTPS enrollment, visit www.eftps.gov or call EFTPS customer service at 1-800-555-447. Or visit the IRS web site and search on "Tax Topic 757."