In IR-2010-092, the Internal Revenue Service (IRS) recently announced proposed regulations (REG 153340-09) that eliminate the ability for taxpayers to deposit taxes using paper coupons. Additionally, businesses with a quarterly Federal tax liability of more than $2,500 would be required to pay taxes electronically.
Paper Coupons Eliminated Starting in 2011
Since the Treasury Department will no longer maintain the paper coupon system after December 31, 2010, the proposed regulations eliminate rules related to that system. Taxpayers who have a tax liability of less than $2,500 in a quarter would be able to pay the amount with the return. All other taxpayers will be required to pay electronically.
Contact Vision Payroll Now!
As an authorized batch filer using the EFTPS system, Vision Payroll can transmit electronic tax payments in batches for multiple taxpayers. This is the most efficient method to transmit payments to the IRS. Electronic payments have a significantly lower error rate than paper coupons and therefore reduce correspondence from the IRS that attempts to resolve those errors.
Contact Vision Payroll today to get started.