EFTPS (electronic federal tax payment system)


J

jack

question related to use of EFTPS:

recently created company, registered with state, assigned EIN (employer identification
number)

company will not have any income, until the principal director gets a job

would it still be prudent to activate EFTPS immediately as US Treasury expects Federal
Tax Deposits from bank account, but the business bank account has no funds ?

another way of asking the same question is that if EFTPS is activated and no Federal
Taxes are deposited due to no income, will that cause some sort of issue with the
department of the Treasury ?

creation of company, filing with IRS (as S-Corp) was/is a requirement of the local
businesses who would offer jobs to the new medical field graduate who is the company
director.
 
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H

HLunsford

jack said:
question related to use of EFTPS:

recently created company, registered with state, assigned EIN (employer
identification number)

company will not have any income, until the principal director gets a job

would it still be prudent to activate EFTPS immediately as US Treasury
expects Federal Tax Deposits from bank account, but the business bank
account has no funds ?

another way of asking the same question is that if EFTPS is activated
and no Federal Taxes are deposited due to no income, will that cause
some sort of issue with the department of the Treasury ?

creation of company, filing with IRS (as S-Corp) was/is a requirement of
the local businesses who would offer jobs to the new medical field
graduate who is the company director.
No problem. If you don't need it, don't activate it now. There is no
federal requirement to do so.

When you eventually do need it, you'll start the process again, but the
registration procedures are not burdensome atall.

ChEAr$,
Harlan Lunsford, EA n LA
 
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V

Victor Roberts

question related to use of EFTPS:

recently created company, registered with state, assigned EIN (employer identification
number)

company will not have any income, until the principal director gets a job

would it still be prudent to activate EFTPS immediately as US Treasury expects Federal
Tax Deposits from bank account, but the business bank account has no funds ?

another way of asking the same question is that if EFTPS is activated and no Federal
Taxes are deposited due to no income, will that cause some sort of issue with the
department of the Treasury ?

creation of company, filing with IRS (as S-Corp) was/is a requirement of the local
businesses who would offer jobs to the new medical field graduate who is the company
director.
You may be concerned about the wrong issue. While there is
no requirement to use EFTPS if I have no taxes to deposit, I
do have an obligation to file quarterly tax returns with
both Federal (Form 941) and State (NYS-45) even for quarters
when I have not paid any employees. I am a C-Corp, and
these two forms may not apply to S-Corporations. But you
may have a similar requirement.
 

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