Publication 80 - Circular Ss - Department Of The Treasury (Page 11 of 24) in pdf

workers (Form 941-SS taxes). Form 943 taxes and Form

EIN. They have spaces for indicating the type of tax and

941-SS taxes are not combined for purposes of applying

the tax period for which the deposit is made.

any of the deposit rules.

It is very important to clearly mark the correct type of

If a deposit is due, deposit the Form 941-SS taxes and

tax and tax period on each FTD coupon. This information is

Form 943 taxes separately, as discussed below.

used by the IRS to credit your account.

If you have branch offices depositing taxes, give them

FTD coupons and complete instructions so that they can

How To Deposit

deposit the taxes when due.

Please use only your FTD coupons. If you use anyone

The two methods of depositing employment taxes are

else’s FTD coupon, you may be subject to a failure to

discussed next. See Payment With Return on page 8 for

deposit penalty. This is because your account will be

exceptions explaining when taxes may be paid with the tax

underpaid by the amount of the deposit credited to the

return instead of being deposited.

other person’s account. See Deposit Penalties on page

Electronic deposit requirement. You must make elec-

12 for amounts.

tronic deposits of all depository taxes (such as employ-

How to deposit with an FTD coupon. Mail or deliver

ment tax, excise tax, and corporate income tax) using the

each FTD coupon and a single payment covering the taxes

Electronic Federal Tax Payment System (EFTPS) in 2004

to be deposited to an authorized depositary. An authorized

if:

depositary is a financial institution (e.g., a commercial

•

Your total deposits of such taxes in 2002 were more

bank) that is authorized to accept Federal tax deposits.

than $200,000 or

Follow the instructions in the FTD coupon book. Make your

•

check or money order payable to the depositary. To help

You were required to use EFTPS in 2003.

ensure proper crediting of your account, include your EIN,

the type of tax (e.g., Form 941-SS), and the tax period to

If you are required to use EFTPS and fail to do so, you

which the payment applies on your check or money order.

may be subject to a 10% penalty. EFTPS is a free service

Authorized depositaries must accept cash, a postal

provided by the Department of the Treasury. If you are not

money order drawn to the order of the depositary, or a

required to use EFTPS, you may participate voluntarily. To

check or draft drawn on and to the order of the depositary.

get more information or to enroll in EFTPS, call

You may deposit taxes with a check drawn on another

1-800-555-4477 or 1-800-945-8400 or visit the EFTPS

financial institution only if the depositary is willing to accept

website at

that form of payment. Be sure that the financial institution

New employers that have a Federal tax obligation will

where you make deposits is an authorized depositary.

be pre-enrolled in EFTPS. Call the toll-free number located

Deposits made at an unauthorized institution may be sub-

in your Employer Identification Number (EIN) Package to

ject to the failure to deposit penalty.

activate your enrollment and begin making your tax deposit

If you prefer, you may mail your coupon and payment to

payments.

Financial Agent, Federal Tax Deposit Processing, P.O.

Depositing on time. For deposits made by EFTPS to

Box 970030, St. Louis, MO 63197. Make your check or

be on time, you must initiate the transaction at least one

money order payable to “Financial Agent.”

business day before the date that the deposit is due.

Depositing on time. The IRS determines whether de-

Deposit record. For your records, an Electronic Funds

posits are on time by the date that they are received by an

Transfer (EFT) Trace Number will be provided with each

authorized depositary. To be considered timely, the funds

successful payment that can be used as a receipt or to

must be available to the depositary on the deposit due date

trace the payment.

before the daily cutoff deadline. However, a deposit re-

ceived by the authorized depositary after the due date will

Making deposits with FTD coupons. If you are not mak-

be considered timely if the taxpayer establishes that it was

ing deposits by EFTPS, use Form 8109, Federal Tax

mailed in the United States (including U.S. Territories) at

Deposit Coupon, to make the deposits at an authorized

least two days before the due date.

financial institution.

If you hand deliver your deposit to the depositary on the

For new employers, if you would like to receive a Fed-

due date, be sure to deliver it before the daily cutoff

eral Tax Deposit (FTD) coupon booklet, call

deadline.

1-800-829-4933. Allow 5 to 6 weeks for delivery. The IRS

will keep track of the number of FTD coupons that you use

Note: If you are required to deposit any taxes more than

and automatically will send you additional coupons when

once a month, any deposit of $20,000 or more must be

you need them. If you do not receive your resupply of FTD

made by its due date to be timely. See section 7502(e)(3).

coupons, call 1-800-829-4933. You can have the FTD

coupon books sent to a branch office, tax preparer, or

Depositing without an EIN. If you have applied for an

service bureau that is making your deposits by showing

EIN but have not received it, and you must make a de-

that address on Form 8109-C, FTD Address Change,

posit, make the deposit with the IRS. Do not make the

which is in the FTD coupon book. (Filing Form 8109-C will

deposit at an authorized depositary. Make it payable to the

not change your address of record; it will change only the

“United States Treasury” and show on it your name (as

address where the FTD coupons are mailed.) The FTD

shown on Form SS-4), address, kind of tax, period cov-

coupons will be preprinted with your name, address, and

ered, and the date that you applied for an EIN. Send your

Page 11

Publication 80 - Circular Ss - Department Of The Treasury Page 11

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