Form Eft-1-V - Agreement For Voluntary Electronic Funds Transfer (Eft) Participants Page 2
Download a blank fillable Form Eft-1-V - Agreement For Voluntary Electronic Funds Transfer (Eft) Participants in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Eft-1-V - Agreement For Voluntary Electronic Funds Transfer (Eft) Participants with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3State of Arkansas
Department of Finance and Administration
Agreement for Voluntary Electronic Funds Transfer (EFT) Participants
This Agreement is entered into by
on behalf of
, hereinafter called Taxpayer, and Timothy J. Leathers, Commissioner of
Revenues for the State of Arkansas, hereinafter called Commissioner, for voluntary payment of the
following tax(es) to the State of Arkansas by the EFT method:
Taxpayer is not required by Arkansas law to pay the taxes set forth above by the EFT method.
However, the Commissioner has agreed to allow Taxpayer to pay the taxes specified above by the EFT
method under the terms set forth below:
The parties to this agreement, in consideration of the mutual covenants and undertakings set forth herein,
agree as follows:
1. Taxpayer shall be bound by and comply with the Arkansas statutes addressing the payment of taxes
by electronic funds, just as if Taxpayer was required by law to pay the taxes listed above by the EFT
method. Such statutes are Ark. Code Ann.26-19-101 through '26-19-108. Taxpayer shall make all
monthly or quarterly tax payments, including prepayments of sales tax if so required by Ark. Code Ann.
'26-52-512, by the EFT method. Both parties acknowledge that "additional tax due" payments (which
come from billing notices), cannot be made by EFT.
2. All EFT transactions must be completed by the Taxpayer by 3:00 p.m. (Central Time) one business
day prior to the due date for payment of each particular type of tax being paid by the EFT method under
this agreement. The funds shall not be debited by the Commissioner from Taxpayer's account until the
due date prescribed by statute for each particular type of tax being paid by the EFT method under this
agreement. If the due date falls on a weekend or bank holiday, the due date shall become the next working
day.
3. Taxpayer shall send a completed and signed authorization agreement (Form EFT-1) to the Sales &
Use Tax Section of the Arkansas Department of Finance and Administration. Upon receipt of this form,
the Commissioner's bank shall send to Taxpayer the appropriate instructions to perform either an ACH
Debit or an ACH Credit EFT transaction, depending upon which type of transaction the Taxpayer selects
on Form EFT-1. Taxpayer should receive these instructions and a telephone number for additional help
from the Commissioner within approximately two (2) weeks. If Taxpayer chooses to use the ACH Credit
method, Taxpayer shall send a pre-note to the Sales and Use Tax Section before making the first tax
payment via this method. The "pre-note" is an initial payment, normally in the nominal amount of 1 cent,
which is used to verify that the EFT account has been set up properly.
4. Upon being accepted and enrolled in the EFT program by the Commissioner, a penalty of five
percent (5%) of the total amount of taxes due for the reporting period at issue shall be assessed against
Taxpayer for any of the following; (a) failure to pay by the EFT method; (b) transmitting an unauthorized
or unreadable record with the deposit; or (c) failure to pay the tax due on or before the due date for such
tax. Taxpayer agrees to promptly pay any such penalties that are assessed. In the event of a tax payment
made after the due date for such payment, Taxpayer acknowledges that it shall not be entitled to the two
percent (2%) discount for timely payments set forth in Ark. Code Ann.'26-52-503 and '26-52-512.
5. Taxpayer acknowledges and agrees that, except as otherwise provided by Ark. Code Ann. '26-19-
101 through '26-19-108, Taxpayer shall not be relieved from timely filing tax returns with the State of
Arkansas or from complying with all other requirements of Arkansas tax laws.
Form EFT-1-V
(R 10/06)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Bpeftw-1 - City Of Brook Park Electronic Funds Transfer Worksheet To Be Utilized In Conjunction With The Tax Express System
Financial
Form Eft-1 - Authorization Agreement For Electronic Funds Transfer (eft) - Hawaii Department Of Taxation
Financial
Related Categories
Parent category: Financial