Discontinuation of Federal Tax Deposit (FTD) Processing for Businesses

December 31, 2010 is the last day financial institutions, including Bank of Ann Arbor, are allowed to accept Federal Tax Deposit (also known as TT&L or IRS Form 8109) coupons. Businesses are now required to pay those taxes electronically, beginning January 1, 2011. To make a payment or learn more, please visit www.eftps.gov/eftps.

In late October 2010, EFTPS planned to pre-enroll all businesses that have used a coupon for any tax type on the coupon in the past 18 months.

Businesses will receive a personal identification number (PIN) in the mail. Then, they can enter their banking account information using the EFTPS VRS (voice response system), and begin scheduling payments that day via the VRS or www.eftps.gov. (They will need to call an automated line for a password, but that takes just seconds). The packet will include a letter from the IRS stating the intent to stop coupon processing on December 31, 2010.

If your business did not receive a packet, you’ll want to enroll now as it takes approximately seven days to receive a PIN from EFTPS. Enroll at www.eftps.gov.