RBZ Tax Alert: Banks not Accepting IRS Form 8109

Some Banks not Accepting IRS Form 8109 and Federal Tax Deposits

RBZ was recently informed that some banks are no longer accepting federal tax deposits made with IRS paper coupons, Form 8109, Federal Tax Deposit Coupon. Financial institutions are not required to accept the coupons and accompanying deposits and the IRS cannot force them to.

RBZ has confirmed that Bank of America (B of A) is one of the banks that will no longer accept these coupons. B of A's representative also indicated that the bank has sent notices to all their business customers informing them of the change and supplying them with information about how to sign-up for Electronic Federal Tax Payment System (EFTPS).

We contacted other banks and found that some of them will still accept the federal tax payments and coupons while others will not. Some banks offer their business customers using online banking the ability to pay their tax obligations through an online payment system hosted by the bank.

How does this affect your business?

If your bank accepts the federal tax deposits now there isn't a guarantee that they will continue to do so in the future. To insure that you'll be able to make timely tax deposits in the future, enroll in EFTPS. EFTPS is a tax payment system provided as a free service by the U.S. Department of Treasury. It allows a business to pay federal taxes electronically via the Internet or over the phone 24/7.

The EFTPs website is www.eftps.gov/eftps/

If you need help during the enrollment process you can contact an EFTPS customer service representative at (800) 555-4477.

If you have any additional questions about IRS Form 8109, please contact your RBZ representative or other appropriate advisor. We would be glad to answer any questions you may have.

RBZ, LLP is one of the largest public accounting and strategic consulting firms in Los Angeles and has been providing tax services for over 34 years. We are located at 11755 Wilshire Blvd., Ninth Floor, Los Angeles, CA 90025.

Phone: 310.478.4148 | Fax: 310.312.0358 | Web site: www.rbz.com