- Important message about Federal Tax Deposit coupons
1. Important message about Federal Tax Deposit coupons
Withholding QI's will be among the 3.8 million taxpayers that exceed the check-with-return option. The mailing of the notices began on December 2, 2010 and will end January 31, 2011.
The key message of Notice CP-247 informs taxpayers of the following:
- They can no longer make required deposits using Forms 8109/8109-B.
- They will have to make their Federal Tax Deposits electronically beginning January 1, 2011.
- They may be charged a 10% penalty for each non-electronic deposit.
- They need to check with their financial institution to find out its cut-off date for accepting Federal Tax Deposit coupons.
- They should use EFTPS for a convenient and quick way to make timely electronic deposits.
- They DO NOT need to take any action if they are currently making deposits using EFTPS.
For more information, please view a copy of the Notice CP-247.
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