Electronic Funds Transfer Enrollment Form printable pdf download

Electronic Funds Transfer (EFT)

The Vermont Department of Taxes offers two Electronic Funds Transfer payment options for

remitting employer Withholding Taxes.

Only employer Withholding Tax can be done through EFT. No other taxes can be

remitted through EFT.

To establish a new EFT account, change bank information or change EFT option, you will

need to complete an enrollment form.

Mandatory Electronic Funds Transfer for Certain Employers

The Vermont Department of Taxes mandates employers that can reasonably expect the employee

Withholding Tax to be $9,000 or more per quarter to submit their filings and payment by

electronic funds transfer. These employers file and remit via electronic funds transfer on the

following schedule:

FILE ON:

FOR PAY DAYS ON:

Following Wednesday

Wednesday, Thursday or Friday

Following Friday

Saturday, Sunday, Monday, Tuesday

Employers remitting Withholding Tax weekly or bi-weekly must file a quarterly return to

reconcile the funds transfer amounts to Withholding Tax recording. Additionally, the employer

also files an annual return with the W-2s issued to reconcile the Withholding Tax reported to the

Department with the Withholding Tax reported to employees on the W-2s.

Voluntary Electronic Funds Transfer for Employers

Employers withholding less than $9,000 may voluntarily elect to file and remit through

electronic funds transfer using either the monthly or quarterly filing frequency assigned by the

Department. Additionally, the employer also files an annual return with the W-2s issued to

reconcile the withholding reported to the Department with the withholding reported to employees

on the W-2s. Both EFT options require pre-registration and test transmission. Since a filing

via EFT must be performed for each period, the selected option must be capable of filing a

‘zero’ return if, in fact, there are no funds to be transmitted.

Electronic Funds Transfer Payment Option #1 - ACH Credit

For ACH Credit, you initiate the payment. You instruct the bank of your choice to withdraw

the amount from your account. Depending on your banking arrangements, the bank may charge a

fee.

You can anticipate up to two weeks processing time before an EFT Credit can be done. You

need to complete the enrollment form. Upon receipt of your enrollment form, the Vermont

Department of Taxes will provide the routing and banking numbers and EFT codes. Take this

information to your bank. The bank then needs to do a test transmission. Successful completion

of a test transmission enrolls you in the ACH Credit EFT Option.

Electronic Funds Transfer Payment Option #2 - ACH Debit

For ACH Debit, you provide your bank account information to the Vermont Department of

Taxes. Vermont contracts with a third party vendor to process the ACH Debit transmissions.

There is no fee to you.

You complete the enrollment form giving the Vermont Department of Taxes your banking

information. To file and remit the Withholding Tax, you make a telephone call or logon to a

secure web site to notify the Department to withdraw the Withholding Tax from your account.

You can anticipate up to three weeks processing time before an EFT Debit can be done. You

need to complete the enrollment form. Upon receipt of your enrollment form, the information is

entered into the debit data base. The Department then does a test transmission. Successful

completion of a test transmission enrolls you in the ACH Debit EFT Option.

Electronic Funds Transfer Enrollment Form

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