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What is This EFTPS Notice I Received From the IRS?

All new businesses received a standard letter from the IRS outlining EFTPS - the Electronic Federal Tax Payment System.

The EFTPS Explained

The EFTPS (Electronic Federal Tax Payment System®) is the IRS’s online system for paying estimated taxes. The notice you received is a standard letter received by all new businesses. Although you may not currently be required to file payroll taxes or quarterly estimates, please keep your EFTPS letter for future reference.

Once your business begins paying salaries/wages to yourself and (or) employees, payroll tax payments can be made through the EFTPS system. Also, if you expect to owe more than $1,000 in federal income taxes at the year's end, quarterly estimated payments may be required. If either of the above situations apply, feel free to contact one of our team members to setup a free consultation in which you can discuss the matter. 

For more detailed information regarding the EFTPS system, feel free to visit the IRS's dedicated EFTPS site. The IRS has recently updated their site to include the following features:

  • Verify the bank account that will be used when making a payment
  • Change the bank account used for a payment
  • Self-select your PIN when creating an additional enrollment
  • Terminate an enrollment you are no longer using
KPMG SparkJanuary 2, 2020Posted In: Accounting Resources

KPMG Spark is an online accounting service that saves you time so you can focus on what’s most important for your business.

The true cost of doing your own bookkeeping

The appeal of doing your own bookkeeping is perhaps obvious: not having to pay someone else to do it for you. But the important thing to consider when you are thinking about doing your own bookkeeping or outsourcing it is what you are losing from taking that time from your business.

Ben AsplundNovember 3, 2020Posted In: Business Tips

Reaching the growing millennial workforce

Stay on top of what you should know about attracting and retaining a millennial workforce, and KPMG Spark, a small business CPA firm, will help you stay on top of your online accounting and bookkeeping. This blog's author is a millennial and the content therein represents the views of the author.

Ben AsplundOctober 27, 2020Posted In: Business Tips

4 Tips on how to keep your business afloat in a challenging economy

In any kind of economic downturn, small businesses are often hit the hardest. It’s now more important than ever to be creative and find ways to make your customers happy.

Ben AsplundOctober 13, 2020Posted In: Business Tips

The 4 Stages of Startups

As an online bookkeeping company, KPMG Spark has experience to help you understand your position in the business lifecycle of a startup that just might help you stay a bit ahead of the game.

Ben AsplundOctober 6, 2020Posted In: Business Tips

How to manage your payroll

Use these tips to help manage your small business payroll and remember, KPMG Spark facilitates payroll and and offers invoicing services in addition to online accounting services.

Eric BeardenSeptember 29, 2020Posted In: Accounting Resources

6 ways to make customers the keystone of your business

KPMG Spark's online accounting service provides personal customer service to every client. Learn tips on how to make your customer service into a tool for your startup.

Eric BeardenSeptember 22, 2020Posted In: Business Tips

Client highlight: Otter Learning

KPMG Spark is so proud to be able to work with many amazing businesses and brands. Discover the secret to success in business through our client, Otter Learning.

Ben AsplundSeptember 15, 2020Posted In: Case Studies

Why join industry associations ?

What are industry associations and why are they relevant to you?

Ben AsplundAugust 28, 2020Posted In: Business Tips

KPMG Spark Launches Website Focused on CPA Firms and Accounting Practices

Today, KPMG Spark launched a website that shows how CPA firms and accounting practices can gain a competitive advantage by using Spark's online accounting platform. Featuring a savings calculator, demo video and additional information about Spark's technology and service platform, the site demonstrates how KPMG Spark helps CPA firms serve their clients more profitably.

KPMG SparkAugust 11, 2020Posted In: News

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KPMG Spark is an online bookkeeping service that saves you time so you can focus on what’s most important for your business.

KPMG Spark also offers tax preparation, invoicing and payments, expense tracking and payroll services.

When you use KPMG Spark, you get a dedicated point person from KPMG who is always available to help.

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The 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.