It has been a long-standing routine for most small businesses to remit their Federal payroll tax deposits, as well as other tax payments, by taking a deposit coupon to their bank. However, some banks are no longer taking coupons.
In the past year, more than a dozen banks and credit unions have stopped accepting Form 8109 Federal Tax Deposit coupons, and more will do so in the following months. Financial institutions are not required to accept coupons from their own customers or anyone else, and because banks have not experienced a significant decline in client base due to the change, this trend is expected to continue and accelerate.
What can you do? EFTPS offers a free, secure and fast way to pay your Federal taxes by phone or online. It is a great alternative to standing in line at a bank! For more information, contact our office at 412-816-2228.
