EFTPS (?) Federal Withholding Tax Payment experience?

Hi all - not exactly a QuickBooks issue, but accounting related.
We've done our Federal tax payments at our bank with the IRS-supplied printed coupons since the dark ages.
I'm told the coupons are being obsoleted at the end of this year and we'll have to do the wire/phone/internet transfers from now on.
OK, any advice on how to best manage it? I am hesitant to give the feds all our account information lest they start randomly deducting to balance the federal budget - or should I really be concerned about this?
Any advice?
Thanks in advance
Carla
"How can I ever thank you?" gushed a woman to Clarence Darrow, after he had solved her legal troubles. "My dear woman," Darrow replied, "ever since the Phoenicians invented money there has been only one answer to that question."
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I have been doing it for several years, very easy and they do not take anything unauthorized. That said I do everything by the book so no reason for them to come and snatch funds. You can set up a special tax account separate from your main business account just for it then they will have access only to what you want them to have. Not that they can not come and take everything you have at anytime anyway.
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Ron Anderson wrote:

Joy of joys to have a dozen armed agents come in and order everyone to roll their chairs back from the computers.
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Been using EFTPS for years. No problems.
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wrote:

You have to tell them what and when to pull everytime... as far as I can tell, nothing is automated. And trust me, if the Feds want your account information, they can pull it so I wouldn't worry about giving them your account number... that is why they have those fleets of black helicopters after all :)
Speaking of EFTPS (which I've also been using for years without problems) is there any way to make QB process that payment (say with a plug in or something) for you or is logging onto their website pretty much always going to be another step in my weekly payroll process?
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Matthew wrote:

If you have QB payroll subscription that supports Federal tax forms then you can set QB up to transmit the tax payments. You would use your existing eftps ID/pin/password in the payroll setup. I personally don't use it. I'd rather log into the tax websites (state & federal) so that I know that the payments and forms were submitted properly.
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Carla Fong wrote:

Many banks have stopped processing the coupons in anticipation of the IRS discontinuing the coupons. I have set up several clients with eftps accounts and the process has worked perfectly.
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You seem very knowlegable in QB - esp. EFTPS as it applies to QB.
I'm presently using QB Pro 2008, and held on until the last dog was hung before using EFTPS. Now I'm kind of up against it. I just did the 941 and sent in the check and voucher for the Q4 liability payment. I know I'm not supposed to do that, but it buys me some time to figure out how to show a direct transfer payment next month with QB. If I don't get the liability payment made QB won't do the 941 without showing the 2010 Q4 liability still outstanding.
How do I get QB to show the liability payment as made with an electronic transfer instead of a check? My wife works for a company using QB, and has been printing a "check" on a blank sheet of paper, then going into the check register and changing the check number to "EFT." I can think of a whole host of potential malfunctions doing an end run around QB like that. Other than having Intuit do the transfer and charging me for it, I can't find any menu that allows me to configure the liability payment as EFTPS.

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On 1/11/11 5:32 PM, Harley wrote:

That is exactly how to do it. You don't need to print it either, just by changing the number from To Print to EFT or EFTPS if you prefer, that is that and QB is 100% happy.
It is no different for any electronic payment from you bank account. QB just calls it a check, paper or electronic matters not to QB.
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Tried it - it works! Thanks for the help.
Do you think there's any possibility that Intuit will put a choice in the check issuing module to include "Fund Transfer" along with "To Print?"
"Golden California Girls" wrote in message
On 1/11/11 5:32 PM, Harley wrote:

That is exactly how to do it. You don't need to print it either, just by changing the number from To Print to EFT or EFTPS if you prefer, that is that and QB is 100% happy.
It is no different for any electronic payment from you bank account. QB just calls it a check, paper or electronic matters not to QB.
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QB does have fund transfers, if you insist on using them instead of checks to represent these transactions. For example, you could create a current liability account for IRS, and transfer to that, then adjust the balance with a journal entry. Doesn't really even matter what account, since the net amount will be zero after you post the payment to the correct account. But like the previous poster suggested, this issue is largely cosmetic/personal preference.
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anon wrote:

If you are dealing with Payroll then you need to use the Payroll module to create the appropriate Liability Check. Using the bank transfer will not clear those liabilities.
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