May 05, 1998
Electronic Federal Tax Deposits Top $1 Trillion
WASHINGTON - The good news at
the Internal Revenue Service these days is that the check is not in the mail.
IRS officials announced today that taxpayers have made more
than $1 trillion in tax deposits electronically since the government established the
Electronic Federal Tax Payment System (EFTPS) in November 1996. EFTPS now accounts for
nearly 70 percent of all federal tax deposits.
"Business taxpayers have been quick to adopt this new
technology," said IRS Commissioner Charles 0. Rossotti. "They have discovered
how easy and convenient it is to make their tax deposits electronically."
More than 1.8 million businesses are enrolled in EFTPS, making
more than $20 billion in federal tax deposits in a typical week. With EFTPS, taxpayers can
make their deposits over the phone or using a personal computer. EFTPS eliminates the need
for paper Federal Tax Deposit coupons, checks, or trips to the bank.
"Electronic deposits are the modern way to do
business," said Commissioner Rossotti, "and we hope many more businesses will
join the nearly two million already enrolled in EFTPS for making their federal tax
Taxpayers can call EFTPS Customer Service to enroll in EFTPS.
In the southern part of the United States, call 1-800-555-4477. In the northern part of
the country, call 1-800- 945-8400.
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