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Any tax information or written tax advice contained herein (including any attachments) is not intended to be and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. (The foregoing legend has been affixed pursuant to the U.S. Treasury Regulations governing tax practice.)
The matters highlighted on this website are presented in general terms and cannot be applied without consideration of all circumstances. NSBN will provide additional details upon request and will be pleased to discuss with our clients or their attorneys the possible effects of these matters in specific situations.
Email Alert
Some Banks Not Accepting IRS Form 8109 and Federal Tax Deposits
December 7, 2009
A number of banks are no longer accepting federal tax deposits made with IRS paper coupons, Form 8109, Federal Tax Deposit Coupon. Financial institutions are not required to accept the coupons and accompanying deposits. This change affects businesses, nonprofits, private foundations, and any entity making federal income, excise or payroll tax payments.
Certain banks will still accept the federal tax payments and coupons while others will not. Some of the banks are sending notices to all their business customers informing them of the change and providing them with information about how to sign up for Electronic Federal Tax Payment System (EFTPS). Other banks offer their business customers who use online banking the ability to pay their tax obligations through an online payment system hosted by the bank.
To ensure that tax deposits are made in a timely manner in the future, we suggest that entities enroll in EFTPS, a tax payment system provided as a free service by the U.S. Department of Treasury.
The EFTPS allows an entity to pay federal taxes electronically via the Internet or over the phone 24/7, however the payment must be made by 8:00 pm Eastern Standard Time at least one calendar day before the payment is due.
The EFTPS website is www.eftps.gov/eftps/ If you need help during the enrollment process you can contact an EFTPS customer service representative at (800) 555-4477.
Please contact us with any questions.
