What Is EFTPS And Why Have I Gotten A Notice About It From The IRS? – Amira Drori Bookkeeping Services

AD Bookkeeping client frustrated trying to figure out EFTPSThe IRS online tax payment system is called the Electronic Federal Tax Payment System – or EFTPS. All new businesses get an EFTPS letter through the mail in a real IRS letter envelope. Your business will get this letter even if you aren’t required to make estimated tax payments or pay electronically. The letter contains valuable information you may need if you need to make payments in the future.

You will need to set up an EFTPS account if you have to pay estimated taxes, corporate taxes, self-employment taxes, payroll taxes, or excise taxes. Note that this system should not be confused with direct payment, a system that is for paying individual taxes. Both individual taxpayers and businesses can use eftps for certain tax payments.

so what is eftps? it is an electronic system for paying taxes, which is something businesses are required to do in many cases, even if they pay salaries or wages to the owner or any employee. If your business expects to owe $1,000 or more in federal income taxes this year, you may be required to make estimated quarterly payroll tax payments through this system.

Wondering if the letter or email you received is real? keep reading. You can also visit eptps.gov to access the eftps site directly or search for it on irs.gov.

irs and email

As we said, a letter in the mail in a real letter envelope when you first open a business is to be expected and is likely to be real. however, if you receive an email, you have reason to be suspicious. irs does not make unsolicited contact with individuals or businesses by email, text message, social media, or similar means. Any email you receive from the IRS regarding problems with your EFTPS payment is likely to be bogus. an email eftps letter is not something you should expect or interact with.

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In fact, the IRS has a notice on its website (although not a recent one) that warns of eftps-related scam emails. These emails say that tax payments made through the system have been declined and ask the recipient to visit a fake link to report the problem. When you click the link, according to the IRS advisory, malware can infect your computer. This malware sends personal information, including financial information already on your computer, to the scammer.

In this case and as always, you should not click on any links or open attachments in emails claiming to be from the IRS, EFTPS, or the Financial Management Service, which is the US Financial Management Service. uu. treasury department that operates eftps. You should also resist the urge to reply to this or any unsolicited email, as this merely verifies the scammer, who may have sent millions of emails, that your email address is active. that could expose you to more fake emails or other scams.

Get a professional on your side

if you receive an email from the irs, the best thing to do is ignore it. If you get a real letter in a real envelope, you’d better take a look. it could be your eftps letter, which is something to look forward to.

If you’re still wondering “what is eftps?” or are confused about any aspect of your company’s financial or tax situation, you need the expert help of a bookkeeper who knows these things. For San Diego bookkeeping small and medium-sized businesses can trust, contact Ad Bookkeeping Services. You’ll speak with an experienced professional who can provide you with unmatched skill in accounting services and advice that can help you grow and track your business.

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