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February 20, 2009

EFTPS ( Electronic Federal Tax Payment System )

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Definition

System used to  electronically deposit amounts withheld for taxes with the IRS.

Referring Cite

TD 8723, Treas. Reg. §31.6302-1,  IRS Publication 15-A,

Additional Helpful Information

Payors are required to  use the EFTPS , beginning the year following the year that their withholding exceeds $200,000.

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