BB&T Tax Choice

BB&T Tax Choice

BB&T Tax ChoiceSM is an automated method for paying your company's state and federal payroll taxes. The U.S. Department of the Treasury's Financial Management System and the IRS have developed an automated tax payment process called the Electronic Federal Tax Payment System (EFTPS). The Federal Government has already mandated enrollment in EFTPS for many businesses. To enroll, a business must choose either an ACH Credit or ACH Debit option.

Features

Complete Control

  • 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.

Key Benefits

  • 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)

ACH Credit

  • 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.

ACH Debit

  • 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.

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Call us at 800-810-5625.

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