- Maintain maximum control over your accounts by choosing the ACH Credit option and BB&T Tax Choice.
- Tax Choice ensures compliance with EFTPS and state EFT regulations.
- Tax Choice will calculate due dates and warns if payments are initiated late for most federal tax payments.
- Tax Choice prevents unauthorized access by requiring both an access code and a PIN code to make a deposit.
- Tax Choice is also an excellent and efficient option for businesses not yet mandated to automate tax payments.
- Streamlines the tax payment process
- Eliminates deposit coupons, writing checks and extra trips to the bank
- Provides a deposit receipt for each payment in addition to a deposit verification number
- Simplifies bookkeeping by providing reporting that itemizes and totals your business transactions (optional feature)
- If the ACH Credit Option is chosen, that option is communicated to the FMS/IRS and the Taxpayer enrolls in the BB&T Tax Choice program.
- Payment amounts can be reported using a telephone or online.
- The taxpayer initiates an ACH transaction to credit the Federal Government the appropriate tax amount.
- This transaction is initiated at least one day before the payment is due and is debited from the taxpayer's account on the day the request is initiated.
- The taxpayer reports the tax amount to FMS the day before the tax payment is scheduled.
- The payment amount can be reported using a telephone, online, or by a mainframe computer.
- The federal government agent bank then debits the taxpayer's account via the ACH for the amount reported.
- Should you elect this method, no interaction with BB&T is required.