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EFTPS Payment | Setting Up the Electronic Federal Tax Payment System - YouTube
Channel: Catching Clouds Academy
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hey it's patti scharf CPA and co-founder
of catching clouds the leader in
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e-commerce accounting today I want to
talk about EFTPS EFTPS stands for
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electronic federal tax payment system it
is the system that the US government
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uses for collecting payments for
estimated taxes you can make income tax
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payments if you get a notice from the
IRS you can submit payment that way you
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can submit payment through payroll taxes
and all of that when we have a new
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client we always recommend that they
actually sign up and get a login for
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this not because we want them to make
payments through the system but because
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the system allows you to see what
payments have been made on your account
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so if you're outsourcing your payroll
taxes or you you're asking your
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professional to pay taxes in and your
behalf then you can actually log in and
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make sure that that's happening and it's
happening the way you would expect it to
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happen I recently did a video on
internal controls and one of the stories
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that I saw in the news was about
somebody who pretended to be a CPA and
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had the person write out their their
income tax payment to them personally
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yeah this should be a red flag guys but
even if you do that and you're kind of
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worried about it or whatever you can
check up on people using the EFTPS
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system so I'm going to show you how to
use it and recommend that you take care
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of that okay so the first thing you do
is you log in and you enroll when you
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enroll it's going to ask you a bunch of
different questions you'll either enroll
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as a business or an individual now if
you're a sole proprietorship or you're
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an S corporation or something like that
where individually you are paying your
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income tax you're going to want to sign
up as an individual because this is
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where those payments are going to be
made so whatever taxpayer ID you using
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to make those payments against that
that's the account that you want to use
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if you want to see what's going on with
your business so payroll taxes and stuff
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like that you want to set up business me
as a small business owner I actually
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have an account for both
so I would recommend that you do that
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okay so whichever one you choose you
click on it it's gonna ask you for a
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bunch of information it's gonna ask for
your bank account this is the bank
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account that they're gonna be pulling
money out of so when you make a payment
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they are pulling the funds right from
your bank so there are a couple of
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different pages you just go through and
complete that once you do that they will
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send you a letter and the letter will
look something like this it'll have a
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four digit PIN number and in an
enrollment number and then what you need
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to do is go back to the system so go
back to the home page login go to login
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so you'll log in using the Social
Security number if you're using the
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individual one or the ein number if
you're using it for your business you
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enter in the pin that's on that on that
paper that they mailed to you and then
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click on need a password okay so you'll
get to this page you'll fill out your
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social security number your PIN number
and the last eight digits of the
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enrollment number that are on that form
that was mailed to you then when you
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click next you will set a password and
then you can start logging in okay so
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once you have your password you can go
ahead and log in use the taxpayer ID
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number or social security number account
it is that you set up and then you just
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log in and then you can go up to
payments and I would go to check payment
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history and you can look back in time
and really that's all there is to it if
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you have questions you can go to the
help and information tab and it'll give
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you links to different how to's and
different things like that or you can
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always contact the government which I
know everybody really loves to do I hope
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you like this video if you did please
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if you haven't already please subscribe
and I'll catch you later
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