The heads of the IRS and Financial Management Service launched a new feature of their Electronic Federal Tax Payment System (EFTPS ), EFTPS-OnLine, which allows businesses and individuals to pay all federal taxes through a secure Web site. Introduced in 1996, EFTPS has made life easier for those businesses that the IRS makes compulsory to pay their taxes using this system, businesses with more then $200,000 in deposits of federal taxes. The system is fast and secure, a lot of money has been spent on making the latter a priority.
Now with EFTPS-OnLine, businesses and individuals will be able to pay their federal taxes year-round, 24 hours a day. In addition to paying estimated tax, taxpayers can also pay back taxes through the website. Ever since the modernization effort commenced at IRS, there has been a genuine effort to make paying taxes easier on Americans, individual and businesses alike. The Internet has presented an opportunity to expedite the dull and tedious tax paying through paper into an express electronic enterprise. Less taxpayers will be frustrated and won’t view tax matters with the same here-we-go-again.
Every individual or business filing on the website will be assigned a personal pin number and record-keeping will be a lot more organized and efficient chore than in the past. Individual can pay their scheduled taxes one year in advance while the business can pay their scheduled taxes 120 days in advance. To learn more about the website, click here www.eftps.gov.