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UTU treasurers’ alert: IRS payment changes
Posted By admin On December 3, 2010 @ 9:21 am In Amtrak/Commuter,Amtrak/Commuter News,Aviation,Bus,Bus News,News,Secretary & Treasurer | No Comments
All UTU locals are now required to make federal tax payments on-line using the Electronic Federal Tax Payment System (EFTPS).
This is because the Internal Revenue Service announced that effective Jan. 1, 2011, it no longer will accept Form 8109 FTD (federal tax deposit) coupons for filing federal tax payments.
The EFTPS is a free service from the Treasury Department. It is available by phone or online 24/7.
UTU treasurers should start using EFTPS beginning with December 2010 payroll tax liability payments due in January 2011. An exemption will be for employers who have $2,500 or less in quarterly payroll tax liability for 941 returns and pay this liability when filing the return.
Note that federal tax payments due Jan. 15, 2011, for the December payroll tax liability will not be accepted if you try to pay with a paper coupon. Any December 2010 federal payroll tax payment due on any date of January 2011 must be submitted electronically, either by phone or online. Therefore, you must be set up for electronic filing before Dec. 31.
If you are already making deposits using EFTPS, you need to do nothing.
Failure to remit your payroll tax payment electronically after Jan. 1, 2011 may result in a 10 percent penalty charge on the deposit amount for each non-electronic payment.
A letter with more information is being mailed to treasurers.
Article printed from United Transportation Union: http://utu.org
URL to article: http://utu.org/2010/12/03/utu-treasurers-alert-irs-payment-changes/
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