Publication 80 - (Circular Ss),federal Tax Guide For Employers In The U.s. Virgin Islands, Guam, American Samoa, And The Commonwealth Of The Northern Mariana Islands Page 11
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24curred. You may pay the shortfall with your return
your Employer Identification Number (EIN) Package to
even if the amount is $2,500 or more.
activate your enrollment and begin making your tax deposit
payments.
2. Semiweekly schedule depositor. Deposit by the
earlier of the following.
Depositing on time. For deposits made by EFTPS to
be on time, you must initiate the transaction at least 1
a. The first Wednesday or Friday (whichever comes
business day before the date that the deposit is due.
first) that comes on or after the 15th of the month
Deposit record. For your records, an Electronic Funds
following the month in which the shortfall oc-
Transfer (EFT) Trace Number will be provided with each
curred.
successful payment that can be used as a receipt or to
b. The return due date for the period in which the
trace the payment.
shortfall occurred.
Making deposits with FTD coupons. If you are not mak-
For example, if a semiweekly schedule depositor filing
ing deposits by EFTPS, use Form 8109, Federal Tax
Form 941-SS has a deposit shortfall during July 2005, the
Deposit Coupon, to make the deposits at an authorized
shortfall makeup date is August 17, 2005 (Wednesday).
financial institution.
However, if the shortfall occurred on the required October
For new employers, if you would like to receive a Fed-
5, (Wednesday) deposit date for a September 30 (Friday)
eral Tax Deposit (FTD) coupon booklet, call
pay date, the return due date for the September 30 pay
1-800-829-4933. Allow 5 to 6 weeks for delivery. The IRS
date (October 31) would come before the November 16
will keep track of the number of FTD coupons that you use
(Wednesday) shortfall makeup date. In this case, the
and automatically will send you additional coupons when
shortfall must be deposited by October 31.
you need them. If you do not receive your resupply of FTD
coupons, call 1-800-829-4933. You can have the FTD
coupon books sent to a branch office, tax preparer, or
Employers of Both Farm and Nonfarm
service bureau that is making your deposits by showing
Workers
that address on Form 8109-C, FTD Address Change,
which is in the FTD coupon book. (Filing Form 8109-C will
If you employ both farm and nonfarm workers, you must
not change your address of record; it will change only the
treat employment taxes for the farmworkers (Form 943
address where the FTD coupons are mailed.) The FTD
taxes) separately from employment taxes for the nonfarm
coupons will be preprinted with your name, address, and
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 tax
If a deposit is due, deposit the Form 941-SS taxes and
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
How To Deposit
FTD coupons and complete instructions so that they can
deposit the taxes when due.
The two methods of depositing employment taxes are
Please use only your FTD coupons. If you use anyone
discussed next. See Payment with Return on page 8 for
else’s FTD coupon, you may be subject to a failure to
exceptions explaining when taxes may be paid with the tax
deposit penalty. This is because your account will be
return instead of being deposited.
underpaid by the amount of the deposit credited to the
other person’s account. See Deposit Penalties on page 12
Electronic deposit requirement. You must make elec-
for amounts.
tronic deposits of all depository taxes (such as employ-
ment tax, excise tax, and corporate income tax) using the
How to deposit with an FTD coupon. Mail or deliver
Electronic Federal Tax Payment System (EFTPS) in 2005
each FTD coupon and a single payment covering the taxes
if:
to be deposited to an authorized depositary. An authorized
•
depositary is a financial institution (for example, a commer-
Your total deposits of such taxes in 2003 were more
cial bank) that is authorized to accept federal tax deposits.
than $200,000 or
Follow the instructions in the FTD coupon book. Make your
•
You were required to use EFTPS in 2004.
check or money order payable to the depositary. To help
ensure proper crediting of your account, include your EIN,
If you are required to use EFTPS and fail to do so, you
the type of tax (for example, Form 941-SS), and the tax
may be subject to a 10% penalty. EFTPS is a free service
period to which the payment applies on your check or
provided by the Department of the Treasury. If you are not
money order.
required to use EFTPS, you may participate voluntarily. To
Authorized depositaries must accept cash, a postal
get more information or to enroll in EFTPS, call
money order drawn to the order of the depositary, or a
1-800-555-4477 or 1-800-945-8400. You can also visit the
check or draft drawn on and to the order of the depositary.
EFTPS website at
You may deposit taxes with a check drawn on another
New employers that have a federal tax obligation will be
financial institution only if the depositary is willing to accept
pre-enrolled in EFTPS. Call the toll-free number located in
that form of payment. Be sure that the financial institution
Page 11
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