FAYETTEVILLE, AR and DALLAS, TX / ACCESSWIRE / January 25, 2024 / The holiday season has concluded, and as we embark on the new year, businesses, tax professionals, and service providers are tackling the yearly task of managing federal income tax payments. To streamline and expedite the process, Tax1099 , a leading IRS-authorized eFile service provider, has introduced a user-friendly online payment option to make IRS federal tax payments frictionless. Acknowledging the diversity of financial transactions, Tax1099 accepts a range of
- Individual tax payments, like 1040 Series, 706 Series, 8288 and more
- Business tax payments, like 94X, 1120/ 1120S US Corporation Income Tax and other estimated federal tax payments .
The platform streamlines the lengthy EFTPS enrollment process, cutting waiting times to mere minutes and enabling immediate access to process your federal tax payment. Once enrolled, your information is securely stored so you can make payments at any time by logging in. Besides this, it also offers features such as accessing records of previous transactions, handling payments for your business or multiple clients for CPA firm or practioner, scheduling payments in advance, and much more.
Key Benefits of using Tax1099’s Electronic Federal Tax Payment Feature:
Make payments online, 24/7: The platform operates 24 hours a day, seven days a week, and you can make payments at your convenience. Whether at the workplace or in the comfort of home, Tax1099 empowers users to make electronic federal tax payments anytime, anywhere, 24/7.
Schedule payment in advance: Effectively plan and manage finances by scheduling federal tax payments up to 365 days in advance with Tax1099.
Manage payments efficiently: Effortlessly initiate new federal payments, track the progress of prior transactions, and access historical data spanning up to 16 months. This feature simplifies the process of reviewing, reconciling, and maintaining organizational efficiency.
Pay for Multiple Clients: Tailored to meet the diverse needs of businesses and accounting professionals, Tax1099 facilitates the making of payments for multiple clients/forms under a single login.
Get support 24/7 with AI chat assist: Navigating tax payments can be complex, but with Tax1099, expert guidance is just a chat, email, or call away. As the industry’s first one-of-a-kind AI Tax assistant , Tax1099 simplifies electronic payments, provides answers to complex tax questions, and helps users connect directly with the Tax1099 team for additional assistance with inquiries related to payments.
Mitigate Potential Penalties: Utilizing electronic payments through Tax1099 enables users to proactively sidestep potential penalties and interest charges linked to errors in manual data entry, guaranteeing precise and on-time federal tax payments.
Paying taxes online is easier than ever and Tax1099’selectronic federal tax payment is specifically designed to simplify the process for various federal taxes, including income, payroll, and others. It can be used by providers of payroll services and other authorized third parties to make payments on behalf of these businesses. To pay taxes with Tax1099, register and enroll yourself, enter payment details, verify them, and make a direct debit payment to the IRS. Diverging from other platforms that impose percentage-based transaction fees, Tax1099 opts for an upfront pricing model. With a flat $29.99 monthly subscription and a mere $2.99 per transaction, it’s a cost-effective choice for relishing limitless payments, regardless of your tax amount
Reasons the IRS may impose a penalty include not:
1. Filing your tax return by the deadline and paying by the deadline. Ther is no penalty for filing a tax extension. However, not paying on time or enough, or failing to file altogether, may cost you both a penalty and interest.
2. Paying the owed tax timely and appropriately.
3. Submitting an accurate tax return.
4. Providing precise and on-time information returns.
If penalties are not fully paid, interest may be charged. These penalties accumulate monthly until the full due amount is settled.
"Effective October 1, the interest rate for underpayments of estimated tax by the IRS has increased to 8%, a significant rise from the 3% charged two years ago, as reported by The Wall Street Journal.
This substantial hike in the IRS penalty for tax underpayments, almost tripling since 2021, poses a particular challenge for those in the gig and creator economy . These groups are now more likely to face hefty payments to the government." Said Sanjeev Singh, Founder and CEO of Zenwork, Inc.
Common penalties include those for not filing or incorrectly filing information returns, late tax returns, unpaid taxes, inaccuracies in tax returns, erroneous refund or credit claims, late employment taxes, tax preparer misconduct, dishonored payments, underpaid estimated taxes (both corporate and individual), and insufficient reporting of international financial activities.
Interest is added to penalties from a specific start date, increasing the total amount owed. Visit the Interest section for more details.
Avoiding penalties can be achieved by accurate tax filings, timely tax and information return submissions, and applying for filing extensions or payment plans if necessary. Payment plans can also help manage tax payments and minimize future penalties. We are committed to the taxpayer achieve paying on time to the IRS to avoid penalty and interest.
About Tax1099: Tax1099 , an IRS-authorized digital tax compliance service, simplifies tax filing for over 500,000 businesses nationwide. Offering 40+ federal and state-compliant electronic returns, 11+ data management integrations, API integration , secure document management, Bulk filing , and 24/7 customer support, Tax1099 is a leading tax filing solution provider.
About Zenwork Inc: Zenwork Inc., the parent company of Tax1099 and backed by Spectrum Equity, is a key player in digital tax compliance and regulatory reporting technology. With a decade of experience, Zenwork Inc. has assisted over 150,000 businesses and 30,000 CPA firms in simplifying compliance. Learn more about Zenwork and its products at www.zenwork.com , www.tax1099.com , and www.compliancely.com .
Contact:
Ed Pratt
Zenwork, Inc.
Ed@zenwork.com
SOURCE: ZENWORK INC.
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