What is the 941 short form in conjunction with the EFTPS payment system?
EFTPS is The Electronic Filing Taxpayers System. It is primarily used for the payment of federal payroll taxes, but can also be used for most other federal tax payments. The 941 is the form used to document and sometimes pay your federal payroll taxes. This form is due quarterly. The EFTPS handles millions of dollars every day from hundreds of thousands of employers and taxpayers. Just given the vast numbers being handled by the system, there are going to be problems. What happens when you are one of those problems? A public accounting firm like ours is the only thing standing between the government and your money.
