Updated July 23, 2015
941 Electronic Filing Chicago Illinois
EFTPS is The Electronic Filing Taxpayers System. It is primarily used for the payment of federal payroll taxes, but can also be used for most other federal tax payments.
I am not a fan of this system because when there are problems, how do you fix them? This is The Internal Revenue Service that we are talking about. There are always problems. How do you prove that an EFTPS return was filed timely? How do you prove that it was filed at all? It went off into cyberspace and was simply gone. Do you have a canceled check that cleared your bank on a specific date to prove that a deposit was made? What happens when you send an EFTPS payment that wasn’t processed in the first place? You don’t have an electronic payment coming out of your checking account to prove that something was paid. How do you stop the interest and penalties on late payments or unfiled returns?
Will the system ever work the way that it is supposed to? Probably not. The EFTPS handles millions of dollars every day from hundreds of thousands of employers and taxpayers. Just given the vast numbers of returns and amounts being handled by the system, there are going to be problems. What happens when you are one of those problems? Do you think that your local IRS Agent is going to wake up on the right side of the bed and be nice?
A public accounting firm like ours is the only thing standing between the government and your money.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.