Create US Federal Tax Payment

Payment Information

The Payment Information section defines general payment details, plus some information about the tax payment.

Debit Account

The account from which the payment is made

Amount

The amount of the tax payment, which includes the following:

• Tax/Interest/Penalty – Enter a tax amount (required) and optionally include interest and penalty amounts.
• Subcategory Forms 720, 941, CT-1 – For these tax forms, the details vary.

Value Date

The date on which a wire transaction is settled by payment and delivery.

The value date can be entered by either of the following methods:

• Manually enter the value date by typing it or selecting it using the calendar.
• Automatically calculate the next available date by clicking Get Value Date. The system determines the date the beneficiary account will be credited.

Also, note the following:

• The system checks that the date is a business day for the bank. If scheduled for today, the system verifies that the cutoff time has not passed.
• Future-dating restrictions – The financial institution may restrict the number of days into the future that a payment can be scheduled.
• Minimum lead time:

  • Transactions must be scheduled either one or two days before the effective date, depending on whether the payment is a credit, debit, or mixed batch.

    Payments may require one or more approvals and thus need additional time for processing.

Frequency

How often the payment should be made

• If a single, non-recurring payment, select One Time Only.
• If a recurring payment, select Recurring, and make a selection for each of these options:
  • Recurring Schedule – Select a payment schedule from the list.
  • Weekend/Holiday Schedule – For weekend or holiday payments, select either previous day or next processing.
  • Number of Payments – Select one of the payment option

Sender's Reference

Optional reference information for this payment

Reference for Beneficiary

Optional, additional information about the payment

Details of Payment

Optional, additional information about the payment

Ordering Customer

The Ordering Customer section includes details about the party ordering the wire payment. You can add a recipient to a payment by selecting an existing recipient from a list or by creating a new one. After selecting or creating a recipient, you are returned to the main page for the payment and the recipient details are displayed.

Note: The availability of this function depends on the company’s configuration.

Taxpayer Information

The Taxpayer Information section is used to enter additional recipient information that is needed for US Federal Tax payments.

Taxpayer Identification Number (TIN)

Nine-digit number assigned by the IRS

Taxpayer Name Control

Four-character value assigned by the IRS

Taxpayer Name

Name of the business for which the taxes are being paid

Contact Name

Contact name at the taxpayer's business or at the financial institution

Contact Phone Number

Telephone number of the contact person

Tax Type Code

Five-character alphanumeric code corresponding to a specific tax form number and type of this payment

Tax Year

Two-digit valid tax year (such as a tax period end date)

Valid years are from 10 years prior to the current year up to 10 years in the future of the current year.

Tax Month

Two-digit valid tax month (such as a tax period end date)

Subcategory Amounts / CT-1 Tax Form

Access to page for entry of CT-1 tax form information, including Tax Type Code, Subcategory Code, and Amount for each subcategory code

Subcategory Amounts / 941 Tax Form

Access to page for entry of 941 tax form information, including Tax Type Code, Subcategory Code, Amount for each subcategory code

Subcategory Amounts / 720 Tax Form

Access to page for entry of 720 tax form information, including Tax Type Code, Abstract Number, and Amount for each abstract number

Routing Information and Options

The Routing Information section includes optional information for routing the payment. The Options section includes settings that affect how the payment will be processed and available to other users.