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IRS Forms 8109/8109-B Out, Electronic Filing In
There is no doubt that electronic filing is the way of the future. Beginning January 1, 2011, the IRS will no longer accept paper Deposit Forms 8109 and 8109-B. If businesses want to avoid a 10 percent penalty for each non-electronic deposit, they’re going to have to make all Federal Tax Deposits after Jan. 1 electronically.
Forms 8109/8109-B (Federal Deposit Coupons) have been used for businesses with payroll, withholding and estimated tax requirements.
This rule change will affect numerous businesses in just a matter of, especially those wrapping up payroll. Payment types affected include IRS Forms 720, 940, 941, 943, 944, 945, 990 series, 1042, 1120 and quarterly estimated corporate estimated tax payments.
The IRS is suggesting that businesses register for EFTPS (Electronic Federal Tax Payment System), the free, secure system available from the U.S. Treasury Department, in order to make timely electronic deposits.