U.S. Treasury Offers Marketing Materials
The U.S. Department of Treasury is offering free marketing materials for banks interested in promoting the Electronic Federal Tax Payment Systems (EFTPS) created by the IRS and Financial Management Service to allow taxpayers to pay their federal taxes electronically.
For business taxpayers, the system allows them to make their federal payments securely online or by phone, and it’s free to the taxpayer.
Taxpayers can enroll online at www.eftps.gov, or by completing a paper enrollment form available from EFTPS Customer Service at (800) 555-4477. On the enrollment form, customers must indicate the bank account they wish to use to make federal tax payments. It is this account from which EFTPS will debit each tax payment the taxpayer schedules per their instructions. Following enrollment, taxpayers receive complete instructions by mail, along with a PIN and instructions for obtaining an Internet password.
To use the secure government system, available at www.eftps.gov, the user is required to provide identification that authenticates the person as the authorized user. Taxpayers are requested to provide their taxpayer identification number, an EFTPS PIN and an EFTPS Internet password. The combination of these three pieces of information ensures that only valid users can access tax payment information.
Both individual and business taxpayers can make use of the online and phone system. Personal tax payments are accepted for IRS forms 1040, 706 estate, 709 gift taxes as well as installment agreement payments. All business taxes can be paid through EFTPS. As with most online transactions, payments can be made 24 hours a day, seven days a week.
There are two major advantages to promoting EFTPS to customers:
• Banks can eliminate the paper-based Federal Tax Deposit Coupons and free up bank lobbies for more productive customer contact;
• Users also can save time and costs and avoid the possible risk of errors and subsequent government penalties. Research has shown that non-EFTPS users are 31 times more likely to be assessed a penalty than EFTPS users.
Banks wishing to promote EFTPS can order free brochures, enrollment forms and statement stuffers at www.fms.treas.gov/eftps.