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New EFT Rules Easier for Taxpayers
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NEW EFT RULES EASIER FOR TAXPAYERS
The Department of Revenue Services (DRS) today announced that new electronic payment rules taking effect January 1, 2012 will give taxpayers more time to submit payments without penalty.
DRS Commissioner Kevin B. Sullivan said, "One of my goals as DRS Commissioner is to explore every avenue that will make voluntary compliance with the state's tax laws easier for taxpayers and less costly to the state. By changing the rules for payments made by electronic funds transfer (EFT), DRS has removed an obstacle that caused some taxpayers to be considered late if they made a tax payment on the day it was due."
The legislation passed in May states that all electronic filing payments will be considered on-time as long as the payments are made before midnight on the day they are due. Previously, a payment was considered on-time if the money was credited to the DRS bank account on the due date. Depending on the EFT payment method used by the taxpayer and their financial institution, some taxpayers would have to make payments days in advance to ensure DRS received it on time.
Commissioner Sullivan said, "I believe most taxpayers are honest, law-abiding individuals who want to do what is right. If allowing them to make tax payments on the due date makes that easier for them, then that is the right thing to do."
For more information on EFT payments, see DRS Announcement 2011(7) Making Timely Tax Payments by Electronic Funds Transfer to the Department of Revenue Services on the DRS website.
Media inquiries only should be directed to the communications office at (860) 297-5610 or sarah.kaufman@po.state.ct.us.
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