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Financial Planning / Tax Strategies


Subject:  Re: Check vs. EFTPS: Does it matter which? Date:  6/4/2012  11:07 AM
Author:  Wradical Number:  116215 of 129658

Back in the days when I still mailed checks, I once got a notice from the IRS saying that I hadn't paid my taxes. This was long after they cashed the check. Fortunately, I was able to provide them with copies of the front & back of the check, and they credited my account.

I suspect problems like that are less likely with electronic payment.

Generally, that's probably true.
When submitting a payment via EFTPS, you have to be very careful that you have correctly entered:
1. The correct type of tax (for businesses)
2. The correct period

Otherwise, the payment will be applied to the wrong account, or the wrong period. With a computer, doing it onscreen, you should look carefully. But some people do it by touch-tone phone, and that's easier to make that kind of mistake.

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