How do I make my tax payment for Form 940?
369 views | Last modified 12/20/2021 6:01:32 AM EST | Added by 123PayStubs Team

The tax due amount you owe to the IRS must be paid to the IRS before the Form 940 filing deadline. The IRS accepts multiple payment methods, and you can use any one of the methods to pay the tax due:

Electronic Funds Withdrawal (EFW): You just have to provide your bank account information, and the IRS will debit the tax due amount from your account directly in 1 or 2 business days after you e-file your Form 940.

Electronic Federal Tax Payment System (EFTPS): Once you file your return with the IRS, you must log in to your EFTPS (Electronic Federal Tax Payment System) account and initiate the required payment. For an EFTPS deposit to be on time, submit the deposit by 8 p.m. EST the day before the date the deposit is due. If you don’t have an EFTPS account, you may have to create a new account, which will take up to 15 business days.

Check or Money Order: After you file Form 940 with the IRS, you can send the tax due by check or money order. Please make sure you are enclosing the payment voucher Form 940-V along with your check or money order. If you e-file Form 940 with 123PayStubs, the payment voucher will be generated for you.

Credit/Debit Card: The IRS uses standard service providers and business/commercial card networks, and your information is used solely to process your payment. You may use one of those service providers and pay the tax due by credit or debit cards.

If you choose a payment method other than EFW, it is your responsibility to pay the balance due to the IRS after you e-file your Form 940 through 123PayStubs. To avoid IRS penalties, pay the tax due by the deadline.

Note: You may be charged a processing fee if you choose to pay by credit/debit cards.

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