Monday, November 29, 2010

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 -

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011.The U.S. Department of the Treasury recently announced an initiative designed to increase the number of electronic transactions and reduce the amount of paper processing done by the agency.

The new program will reduce dependency on paper in several ways, one of which impacts Form 8109.

Electronic Federal Tax Payment System Businesses currently permitted to use Form 8109 federal tax deposit coupons for deposit of payroll tax liabilities will be required to use the IRS Electronic Federal Tax Payment System (EFTPS) beginning in 2011.

The only exception will be very small employers whose tax liability is less than $2,500 quarterly.

These employers will be able to deposit taxes with a timely filed Form 941.
Along with the obvious cost-saving benefits of this program, there are additional security and
convenience features associated with electronic payment options. According to IRS research, businesses using EFTPS for tax deposits are 31 times less likely to make a deposit error, and this change is expected to save an estimated $65 million in the first five years.

Businesses that make federal tax deposits using a paper 8109 coupon should be aware that this form of payment will cease beginning in 2011. Failure to make payments using EFTPS could result in a 10% failure-to-deposit penalty.

Details about EFTPS enrollment can be obtained at or by calling 1-800-555-4477 or calling
the Paul Paterakis Power Team at
847-366-3455 begin_of_the_skype_highlighting 847-366-3455 end_of_the_skype_highlighting today!

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1 comment:

  1. For fillable 8109 forms, 941 forms or any tax form you need, you may visit this website
    Download, edit, print, save, sign, email or even fax your tax form online.I know the software is free if you invite a couple of friends to try it out as well using this link