The Electronic Federal Tax Payment System (EFTPS) is an online federal tax payment system in the United States designed and maintained by the Internal Revenue Service (IRS) and Bureau of the Fiscal Service branches of the United States Department of the Treasury. The Internal Revenue Service contracted with First Chicago Corporation, National Computer Systems, AT&T, IBM, Mercantile Bancorp, and Intranet to develop EFTPS in 1994. NationsBank and First National Bank of Chicago were contracted to monitor electronic payment transmissions, prepare financial reports, and develop the database systems for EFTPS. EFTPS was originally anticipated to be available to the corporations in mid-1995 and available to individuals in 1996. By eliminating certain paperwork and automating certain systems, the Department of the Treasury estimated that EFTPS would save at least $433 million in savings by 1999. EFTPS replaced TaxLink, an older electronic tax payment system that began in 1993. More information...
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