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The Electronic Federal Tax Payment System or EFTPS®: Paying Your Taxes Online for Free

Find out more about the free EFTPS® service provided by the U.S. Department of Treasury, including how to use it and which updates may benefit you the most.

The Electronic Federal Tax Payment System, or EFTPS®, is a free service provided by the U.S. Department of Treasury. It allows you to conveniently pay any taxes due to the Internal Revenue Service (IRS) after you have enrolled online and received your credentials. You can make EFTPS® payments by phone or online, 24 hours a day, 7 days a week, and all federal taxes can be paid using this convenient service.

What’s new on EFTPS®?

Based on feedback from users, the following updates have been made to the EFTPS® website. Take a look and find out which of the new features on EFTPS® may benefit you the most during this tax season. You can now:

●       Receive your confirmation by email

●       Verify the bank account that will be used when making a payment

●       Change the bank account used for an EFTPS® payment

●       Self-select your PIN when creating an additional enrollment

●       Terminate an enrollment you are no longer using

How EFTPS® works

Step 1: To enroll online, you will need to collect your taxpayer identification number, banking account number, routing number, address, and name as they appear on your IRS tax documents.

Step 2: Follow the online instructions and select “enrollment,” “business,” “individual,” or “federal agency.”

Step 3: Enter the requested information and submit. In seven business days, you will receive your PIN in the mail.

Step 4: To get your password, go to EFTPS.gov and log in. Click on “Need a Password” and enter your EIN, SSN, and PIN. Verify your banking information or your EFTPS® enrollment number and select “next.”

Step 5: Make your EFTPS® payment by going to www.eftps.gov and selecting “Make a Payment.” After logging in with your EIN, PIN, and password, enter your payment information. Once completed, save a copy of the confirmation page as your receipt.

Is EFTPS® safe?

It’s recommended that you enable JavaScript when utilizing the site to make EFTPS® payments. To provide additional protection for your sensitive tax data, firewalls and internal security policies have been put into place by the U.S. Department of Treasury. Every interaction on the site is secured by three types of authentication. The site also reminds users that though their PIN may be requested to verify identity when making EFTPS® payments by phone, their password should never be requested.

Why should I use EFTPS®?

It’s fast. EFTPS® payments by phone or online can be made in minutes from anywhere that has an internet connection or phone service. It’s also easy to use thanks to a step-by-step guide. And most importantly, it’s secure. Thanks to multiple security measures put into place to safeguard your private income tax info, you can feel confident that your information is safe.

We Can Help

Our tax preparers at KPMG Spark understand the potential benefits of utilizing the EFTPS®. We’re also accustomed to the guidelines set by this service including the cutoff for the EFTPS® same-day payment, or what to do if the site isn’t available. Our managed, online bookkeeping with real-time support can ensure that your payments are accurate and submitted on time, whether using the EFTPS®, or another platform to pay your income taxes.

In addition to providing tax preparation that helps you maintain compliance with your income tax filing obligations, KPMG Spark dedicated accountants provide year-round support, data, and guidance from accountants dedicated to your small business’ success. You don’t have to tackle your tax preparation on your own. KPMG Spark can provide the bookkeepers and resources to support your business during tax prep and throughout the year. Contact KPMG Spark today and visit with an accounting specialist dedicated to your small to medium-sized business success and tax preparation.

 

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG SparkApril 26, 2022Posted In: Tax Tips

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