Many businesses are required to make tax payments using the Electronic Federal Tax Payment System (“EFTPS”). However, some small businesses may still use Form 8109 (Federal Tax Deposit Coupon) to make tax payments through their bank. Some banks, e.g., Bank of America, no longer accept Form 8109. Affected taxpayers will have to either switch banks or use EFTPS.
Taxpayers can sign up for EFTPS at www.eftps.gov. Note that it can take 15 days from the date of application for EFTPS to get a PIN and password in the mail. Also note that EFTPS payments must be made the day before they are due or they will be late.