March 15, 2011
Nebraska Reduces EFT Threshold Effective July 1, 2011
Filed under: News
Vision Payroll

Nebraska Reduces EFT Threshold Effective July 1, 2011As of January 1, 2011, the Nebraska Department of Revenue (DOR) required the use of an electronic funds transfer (EFT) all payments of taxes or fees for tax programs, such as income or sales and use tax, if the taxpayer had made tax or fee payments above $20,000 for that same tax program in a prior tax year.

Further Reduction Effective July 1, 2011

As of July 1, 2011, the threshold is reduced from $20,000 to $16,000. Further reductions are scheduled every six months until the threshold is $5,000 effective January 1, 2015.

Failure to Use EFT Will Result in a Non-Compliance Penalty

A $100 penalty for non-compliance will be imposed if required payments are not made by EFT. The penalty does not apply to individual income tax payments.

Contact Vision Payroll for More Information

Contact Vision Payroll for further questions on the changes to the Nebraska EFT threshold.


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