Question

I registered my business and enrolled it on EFTPS. But nothing is happening...

Forum|Forum|3 years ago
October 24, 2022
1 reply
0 views

Hi,

I registered my business around May 2022 (my 1st business) and enrolled it on EFTPS.

But nothing is happening when I check my EFTPS account. No withdraws... from IRS.

Did I miss something?

As it's approaching to the end of the year, I'm getting nervous T_T

Please somebody give me an advice.

Thanks,

Joel

Not A Product Question

SteamTrain

Employee

Not sure what you have done yet..

You have to arrange the withdrawal yourself ($$ amount, and date) from within your EFTPS account. Did you do that? Each withdrawal amount and purpose for that withdrawal (like specified as balance due for prior year, or quarterly estimate for the current year) is initiated by you within your EFTPS account.

SO did you do that (making sure yoru bank account routing and account numbers are perfect)

......or are you somehow expecting eth IRS to automatically withdraw what you owe?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

J

joel_creativeAuthor

Thank you so much for the information!

I didn't arrange the withdrawal myself and thought it happens automatically.

I started my business this year, so there is no prior year information.

But for the income from this year, where should I look at to arrange it rightly?

I run an application in B2B platform and creating a passive income out of it.

(Maybe, I should be asking this question to tax professional)

SteamTrain

Employee

After you log in to EFTPS, there is a tab up along the top to click on that says "Payments", and you proceed from there.

________________________

The issue that I'm not conversant in, is that during the login, you use either yoru Business EIN, or your SSN during the login process. And I'm not sure exactly which way you need to proceed....because I'm not conversant with business tax situations.......and it might depend on whether you are a single owner LLC....or some other type of business entity (partnership LLC, C-corp, S-Corp) none of which are anything I know how to properly deal with ,as I've only used EFTPS for many years only for my personal taxes.

Yeah, a detailed discussion now with a local tax professional would be in order (while things are relatively quiet) , especially for the first year you are in operation.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*