Accounting for EFT payment options in the filing instructions

Show expandable text

New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

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

Answer

All federal tax deposits must be made by electronic funds transfer. Electronic funds payment options used in the corporate, extension, and/or estimates filing instructions can be selected in Screen Letter. UltraTax CS 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.

Was this article helpful?

Thank you for the feedback!