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Using EFTPS – Two Tips to Avoid Mistakes

ByMaesz

More advice from the IRS on EFTPS for those of you with employees–

While using EFTPS is simple, secure and convenient, there are common mistakes that can cause delays and result in late posting of payments, which may lead to penalties. Avoid these mistakes by remembering the following tips:

  • Using your legal company name can help avoid rejected entries and payments and save time. An incorrect name or abbreviation can cause the service to reject the payment.
  • Plan ahead. Payments must be scheduled at least one day in advance of the settlement date, no later than 8 p.m. ET. EFTPS allows users to schedule payments any time of the day, any day of the week, from any location.

For more information on using EFTPS, visit www.simplifyeftps.org.

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  • About the Author
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Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.

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