Say “so long” to your IRS federal tax deposit coupons and manual deposits at your bank!

Today, we got a notification from the IRS announcing a regulatory change eliminating Forms 8109/8109B for making federal tax deposits. Effective January 1, 2011, you are no longer be able to make your tax deposit manually at your local bank.

I have blogged previously that it is important to make sure that you are timely in your payroll tax payments, and now it’s important for you to check with your bank or financial institution to find out its cutoff date for accepting federal tax deposit coupons to make sure your final manual deposit is not delayed.

The IRS is moving to everyone to its Electronic Federal Tax Payment System and will be instituting a 10% penalty for each non-electronic deposit.

Don’t worry, though. The Electronic Federal Tax Payment System (EFTPS) is very easy to use to make your tax deposits. We’ve been using it for years and the system can be set up fairly easily. For more information:

Remember timing and cash flow are everything when making your company’s payroll tax deposits. If your company is struggling to make its deposits on time, it can cost your company a lot in penalties and interest and you should consider accounts receivable factoring to help your cash flow. Find more valuable information on accounts receivable factoring here.

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