SALT Report 1950 – The Department of Revenue recently amended regulation §5.3 to reflect that the amount for which payments must be made by electronic funds transfer has been lowered to $10,000. Specifically, the regulation states that:
Beginning January 1, 2013, a payment in the amount of $10,000 or more shall be remitted using a method of EFT selected by the taxpayer. The taxpayer may choose the ACH debit method or the ACH credit method. This requirement applies to the payment of the following taxes:
Sales and use,
Employer withholding,
Liquid fuels,
Fuel use,
Mutual thrift institutions,
Oil company franchise,
Malt beverage,
Motor carrier road,
Corporate net income,
Capital stock-franchise,
Bank shares,
Public utility realty, and
Gross receipts
The Department also rescinded a regulation that required it to notify taxpayers that they would be required to register on or before September 1 for the mandatory EFT payments based on the taxpayer’s anticipated revenues for the following year.
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