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IRS changes tax filing system
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March 24, 1999: 2:59 p.m. ET
Adjustment makes electronic payment optional for most small businesses
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NEW YORK (CNNfn) - The Internal Revenue Service announced Monday it has moved to make electronic payment of taxes optional for most small businesses.
Under the current tax laws, small businesses with more than $50,000 in payroll taxes are required to pay all of their Federal taxes electronically using the Electronic Federal Tax Payment System (EFTPS).
At the urging of Senator Christopher "Kit" Bond, Chairman of the Senate Committee on Small Business, and the National Federation of Independent businesses, the IRS moved to ease tax payment mandates that burden the nation's small businesses. Bond said, "This is a huge victory for more than a million small businesses in this country."
"…I have been making the case that small-business owners do not need another government mandate like EFTPS. With the change announced [Monday], they now have a choice," Bond added.
Additionally, small businesses will continue to be exempt from penalties for not using EFTPS through the end of 1999.
Bond recently met with IRS Commissioner Charles Rossotti to discuss the IRS' options regarding a number of challenges facing America's small-business owners, including EFTPS, that drain small business of resources and capital that might otherwise be devoted to fueling domestic job growth.
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