IRS makes it easier for business filers to pay online

The IRS has streamlined its electronic payment system for business taxpayers. All businesses receiving a new Employer Identification Number are eligible for the EFTPS Express Enrollment at www.eftps.gov. IRS and the Treasury Department’s Financial Management Service offer the Electronic Federal Tax Payment System for free.Treasury collected more than $1.5 trillion in electronic tax payments through EFTPS last year and will collect more this year, IRS Commissioner Mark Everson said. EFTPS lets taxpayers and tax professionals make federal tax payments online, by phone or with batch software for tax professionals.Businesses enrolling in the program receive an EFTPS personal identification number and instructions for activating their enrollment by calling an 800 number, entering their banking information and completing an authorization for EFTPS to transfer funds from their account to Treasury’s account for tax payments. Business taxpayers with a federal tax obligation will be automatically enrolled in EFTPS to pay their federal tax deposits.The IRS issues about 250,000 new EINs every year. “Paying taxes using EFTPS means 19 times greater accuracy. Greater accuracy means fewer penalties,” said FMS Commissioner Dick Gregg.