Hey, it's Paddy Sharp, CPA and co-founder of Catching Clouds, a leader in e-commerce accounting. Today, I want to talk about EFTPS. EFTPS stands for Electronic Federal Tax Payment System. It is the system that the US government uses for collecting payments for estimated taxes. You can make income tax payments if you get a notice from the IRS. You can submit payment through payroll taxes and all of that. When we have a new client, we always recommend that they sign up and get a login for EFTPS, not because we want them to make payments through the system, but because the system allows them to see what payments have been made on their account. So, if you're outsourcing your payroll taxes or asking your professional to pay taxes on your behalf, you can log in and make sure everything is happening as expected. I recently did a video on internal controls, and one of the stories I saw in the news was about someone pretending to be a CPA and having people write out their income tax payments to them personally. This should be a red flag, guys! However, even if you do that and are worried about it, you can check up on people using the EFTPS system. So, I'm going to show you how to use it and recommend that you take care of it. The first thing you need to do is log in and enroll. When enrolling, you'll be asked a bunch of different questions. You can enroll as either a business or an individual, depending on your tax filing status. If you're a sole proprietorship or an S corporation, sign up as an individual. If you want to see what's going on with your business, set up a business account. Whichever option you choose, click on it and...
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Eftps Form: What You Should Know
The Electronic Federal Tax Payment System provides customers with a secure system to pay their taxes electronically. It saves taxpayers the time and money of writing or mailing forms and eliminates the hassle of dealing with non-compliant mail. FATWA: Foreign Account Tax Compliance Act FTPS provides clients with fast and easy access to the electronic filing information required to comply with U.S. tax rules. For more information, please visit: .
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