The IRS will unveil a new Web site today where individuals and companies can make payments of all federal taxes. The program is part of the Electronic Federal Tax Payment System (EFTPS), and has been used by businesses for the past year. Now individuals may also take advantage of this opportunity to pay taxes online.
Any type of federal tax can be paid online at the IRS site, and there is no fee for using the service. The IRS anticipates the service will be particularly attractive to people who must make quarterly tax payments.
Taxpayers using the site are required to provide a valid Social Security number or Federal ID number, as well as bank information. Payments will be drawn automatically from the taxpayers' bank accounts. Payments may be scheduled in advance on this IRS site.
The online tax-paying service is available at: www.eftps.gov.
The IRS is confident that the online system is more secure that systems used by banks, and notes that the system is monitored by IRS employees 24 hours a day, seven days a week.
The online payment system enables taxpayers to make payments but does not provide an opportunity for online filing of tax returns.