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Electric Slide

Sign up for electronic filing, and you could get a tax-penalty refund.

By Joan Szabo

Opinions expressed by Entrepreneur contributors are their own.

The IRS doesn't often refund penalties, but if you'reready to take the plunge into electronic tax filing, you could beeligible for an employment tax-penalty refund under a new IRSprogram. To encourage greater use of the Electronic Federal TaxPayment System (EFTPS), the IRS will provide an automatic one-timepenalty refund to some business owners. The IRS estimates thatapproximately 1 million employers could qualify for theabatement.

The EFTPS enables taxpayers to pay federal employment and incometaxes electronically. Taxpayers can use the phone, PC or theinternet to initiate tax payments to the EFTPS directly. The IRSsays the electronic payment system is more accurate and lessburdensome for taxpayers than mailing payments. Many businesses arerequired to use the system, but smaller companies still have theoption of mailing their payments.

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