How to Submit a Federal Withholding Tax Deposit | Watkins Ross

Are you brand new to sponsoring a retirement plan and have no idea how to submit a federal withholding tax deposit? You can scour the web for hours hoping to find a form you can just print, sign and mail with your check. However, you will soon find all business-related tax deposits are made electronically. And while it may seem scary and daunting, the IRS has made it easy for plan sponsors to submit these payments. There are a few options available for you to do this:

  • Submit payments using the Electronic Federal Tax Payment System® (EFTPS). This is the same site you will go to for enrolling and for making payments.  You will need to establish a four-digit PIN to use the site. The number to call to obtain this is 1-800-555-4477.  For your security, the IRS will only send the PIN by U.S. Mail to the company address listed on file. Please keep in mind new enrollments for EFTPS can take up to five business days to process.
  • You can make the withholding payment by calling their voice response system at 1-800-555-3453. Follow the automated prompts, starting with your tax identification number and PIN. Form 945 Federal Tax withholding is the form needed to submit the taxes.  You can use the EFTPS-Direct Payment Worksheet to practice making a payment beforehand.  The same form can also be used to fill out all of your information to have on hand for future years.
  • If you are still unsure about using EFTPS® yourself, you can appoint your tax professional or payroll provider to submit payments for you. Keep in mind these providers may charge additional fees for these services.

So, although you cannot mail a check, there are other options available to submit your tax deposits.  If you still have questions regarding the options detailed above, please contact Watkins Ross.

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