EFTPS definition and meaning
The Electronic Federal Tax Payment System (EFTPS) is a free service of the US Department of the Treasury that allows taxpayers to make IRS payments digitally. Businesses, individuals, tax advisors, and payroll companies can complete tax payments online through the EFTPS website or by phone.
More about EFTPS
EFTPS can be used instead of traditional mail, which speeds up payments and requires less paperwork. There are no laws requiring that any person or business enroll in EFTPS, but many business owners and accountants prefer it to sending checks through the mail.
Individuals can schedule estimated and other tax payments up to 365 days in advance, and businesses can schedule payments 120 days in advance. Recurring payments can be scheduled on a weekly, biweekly, monthly, and quarterly basis.
Examples of payments that can be made through the EFTPS website include corporate taxes, self-employment taxes, and payroll taxes, including Federal Insurance Contribution Act taxes (FICA).
You don’t have to wait to make payments: individuals can schedule estimated and other tax payments up to 365 days in advance and businesses can schedule 120 days in advance. Payments can be scheduled weekly, biweekly, monthly, and quarterly.
Who runs the EFTPS?
The US Department of the Treasury runs the EFTPS. It is available 24 hours a day, seven days a week.
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