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IRS Makes Changes to TT&L Payments

The Internal Revenue Service (IRS) has announced that it will no longer allow financial institutions to submit tax and loan coupon payments (TT&Ls) at any financial institution including ACIB Bank.   The ruling states that beginning January 1, 2011 payments must be made electronically through a secure web site through the Electronic Federal Tax Payment System (EFTPS) or by phone. The primary exemption to this ruling will be for employers that have $2,500 or less in quarterly payroll tax liability.  These employers can pay their liability when filing their employment tax returns. 

The IRS has pre-enrollment beginning in late October, 2010.  Businesses will receive a letter from  EFTPS with a Personal Identification Number (PIN)  and a letter from the IRS stating the intent to end the paper coupon process on December 31, 2010.  As soon as you enter your account information either into a web site or voice response system you can begin scheduling payments. 

                      
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