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Posted

We have a few small plans whose only tax deposit is for the annual withholding on participant RMDs.    This is usually done through EFTPS with no problem, but now as we approach the end of the year, they are being surprised that they are unable to login to their EFTPS accounts.     I was told by a representative that accounts are being inactivated due to not having made a tax deposit in the past 18 months.     Considering that RMDs were suspended in 2020, these small plans haven't made a tax deposit since 2019.    So they have had to go through the trouble of re-enrolling, waiting for the PIN to arrive in the mail, etc., etc.  and hope they can get the tax deposit in before the end of the year.   Just ridiculous.    

Posted

Even if the Internal Revenue Service wants to end or deactivate an electronic account the IRS suspects might no longer be used (and it’s not obvious why the IRS should want this), one wishes the IRS would at least give notice two or three months before the end.

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

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