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TAX FILING SERVICES
 All but the smallest businesses are required to deposit taxes electronically according to regulations from the IRS. Made in response to a provision in NAFTA, the regulations phase in employers who must deposit this way over the next five years, according to their deposit amounts.
Deposit Requirements
The NAFTA provision, which requires collection of federal depository taxes through an electronic funds transfer system, is intended to ensure that tax deposits are credited to the Treasury’s account by the deposit due date. Depository taxes include FICA, withheld income tax and corporate income and estimated taxes. The new EFT system that the IRS will implement to handle the requirement is to be phased in over the next several years by increasing the percentage of total depository taxes collected by EFT. To reach prescribed percentages, the IRS regulations declare thresholds at which employers must begin depositing by EFT. Once an employer is subject to EFT deposit requirements, it must continue to deposit that way.
The DM Payroll Services Solution
Instead of having to monitor when your business reaches the EFT threshold deposit amount, let DM Payroll Services take care of it automatically. For a nominal fee per payroll, we will take the responsibility for making all the federal, state, and local payroll tax deposits on your behalf. This includes income, Social Security, Medicare, FUTA and SUI taxes. By utilizing our payroll tax filing service, we will file all payroll returns and deposit the taxes. With your authorization, we withdraw funds from your company bank account each payroll to make the deposits. We provide you detailed reports for all tax jurisdictions and quarterly statements of deposits and filings. An annual statement is generated at the end of the year. Further, our service will protect you against unexpected taxes and penalties due to incorrect or late deposits of payroll taxes. DM Payroll Services takes full responsibility for filing all returns and making all deposits accurately and on time.
For more information, contact us at (248) 244-3100 or sales@dmpayroll.com
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Copyright May 2006 ® DM Payroll Services. All rights reserved.
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