Treasury to no Longer Accept Business Tax Payment Coupons
Posted on 10/8/2010 2:39:00 PM
by Ruth Asmussen, Sr. Vice President & Cashier
There are changes coming for businesses using tax payment coupons...
Effective January 1, 2011, coupons (Form 8109) will no longer be used to process Federal Tax payments. This change relates to tax types 941, 945, 720, 1120, etc.
If you have a business and currently use coupons, you can schedule your own payments at EFTPS.gov, input them via the Treasury’s voice response system, or authorize a trusted third party, payroll service, or tax professional to initiate them for you. You may also make a same-day wire payment at certain financial institutions. Same-day wires are intended only for extraordinary circumstances in which a payment cannot be scheduled earlier or for high-dollar tax payments. In some cases, a business may be eligible to mail a check with a quarterly or annual return. You should consult with your tax professional or the IRS to determine whether your business is eligible for this option.
The Electronic Federal Tax Payment System (EFTPS) plans to pre-enroll (in late October) all businesses that have used a coupon for any tax type on the coupon in the last 18 months. Businesses will receive a personal identification number (PIN) in the mail. In the packet sent, will be a letter from the IRS stating the intent to stop coupon processing on December 31, 2010. Businesses can then enter their banking account information using the EFTPS voice response system and begin scheduling payments that day via the Voice Response system or EFTPS.gov. If a packet is not received by the business, you may enroll at any time at the website, EFTPS.gov. It takes about seven days to receive a PIN.
Community Bank of Elmhurst has accepted Treasury Tax and Loan payments via coupon and check as a service to our customers. We regret we will be unable to accept them after December 31, 2010 as a result of this change. We would be glad to answer any questions you may have by calling (630)782-1234.