May 2, 2005 -- Employers are now required to make a quarterly deposit for unemployment taxes if the accumulated tax exceeds $500. The previous threshold was $100 which required most employers with two or more employees to make at least one federal tax deposit per year.  Raising the requirement to $500 will reduce the burden for employers with less than eight employees by eliminating the requirement to make up to four Federal Unemployment Tax Act (FUTA) tax deposits yearly.  This will cut paperwork for millions of small businesses.

Important Tips for Paying Taxes with the EFTPS

Changing Bank Accounts? Don’t forget your new PIN . With the Electronic Federal Tax Payment System (EFTPS), when you change bank accounts to have your payments deducted from a different account, you will be issued a new PIN that is associated with that new account.  Your old PIN will still remain active, and will be associated with and directed to the old bank account.  Make sure you use the correct PIN for each account when making payments.

Get an Internet Password to Use EFTPS Online

If you are already enrolled in EFTPS and making payments by phone, you also have the option of making payments or viewing your history online (at www.eftps.gov)—all you need is an Internet password which you can get by calling EFTPS at 800-982-3525 .  Your history is consolidated under your Taxpayer Identification Number (EIN or SSN ) within EFTPS. Have your EIN, PIN and enrollment trace number handy when you call. 

For more information, contact Randee Mellon at 215-564-1900 .

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