1120-US ELF: Accounting for EFT payment options in the filing instructions (FAQ)

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How do I account for electronic funds payment options in the filing instructions?


All federal tax deposits must be made by electronic funds transfer beginning January 1, 2011. Electronic funds payment options used in the corporate, extension, and/or estimates filing instructions can be selected in Screen Letter. UltraTax/1120 defaults to option 1 (ACH Debit) if you do not enter a code in the EFT options used in filing instructions fields. The codes selected in these fields control the text used in the filing instructions only. The EFT transaction must be made outside of UltraTax CS.

If the return is filed electronically, you can pay the balance due on the return via electronic funds withdrawal (EFW). The Internal Revenue Service also allows the payment of corporate estimates via EFW when you file the return electronically.

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