• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Use EFTPS to Make a Payment With an Amended Return

by on
in Office Management,Payroll Management

If you’ve filed Form 941-X or another amended return, and you must make a tax payment for an old calendar quarter, you may use the IRS’ Electronic Federal Tax Payment System (EFTPS).

What to do: When you’re entering the type of tax to be paid, select one of these options:

  • Balance Due on a Return or Notice
  • Payment Due With an Amended or Adjusted Return
  • Audit Adjustment.

Then, enter the tax period to which your payment should be applied.

AVOID LIFO: The IRS credits your tax deposits on a last-in, first-out, or LIFO, basis. If you instead select the Federal Tax Deposit option, the IRS will credit the payment to the current quarter, if its records don’t show that you have an outstanding liability for a prior quarter. Result: You will have an overdeposit for the current quarter and an underdeposit for the prior period, on which penalties and interest will begin to accrue.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/28420/use-eftps-to-make-a-payment-with-an-amended-return "

Leave a Comment