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#1278616 - 11/02/09 08:25 PM T T & L Payments ????
ktac MITCH Offline
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ktac MITCH
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Posts: 1,813
Giant side of TX
We just had a customer inform us that they attempted to make a TT&L payment at B of A (business has multi accts at diff banks in town) & they were informed they did not accept TT&L Pmts any more.
B of A told the customer, that Jan 1, 2010 all banks will stop taking TT&L payments ?????????This is news to me - - - - Did I miss something ???????
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#1279006 - 11/03/09 02:58 PM Re: T T & L Payments ???? ktac MITCH
ktac MITCH Offline
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ktac MITCH
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Giant side of TX
Bump - anyone?
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#1279012 - 11/03/09 03:09 PM Re: T T & L Payments ???? ktac MITCH
#Just Jay Online
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#Just Jay
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Cheeseheadland
Sorry, luckily we have not accepted TT&L's for years now, so cannot help you.
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#1279112 - 11/03/09 04:09 PM Re: T T & L Payments ???? #Just Jay
John Burnett Offline
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John Burnett
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Cape Cod
With the ability to use the Web for tax deposits, it no longer makes sense for many businesses to use TT&L coupons.
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#1279250 - 11/03/09 05:22 PM Re: T T & L Payments ???? John Burnett
Al Miller Offline
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Al Miller
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Pleasanton CA USA
The original post quoted BofA that all banks will stop taking TT&L payments 1/1/10.

Does anyone have a cite for that?


Al
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Opinions expressed are my own and not necessarily shared by my employer.

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#1279735 - 11/03/09 09:23 PM Re: T T & L Payments ???? Al Miller
Milby Offline
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Posts: 953
Tejas
We still accept TT&L and do not ahve any plans of stopping. I wish we did - it is the biggest pain to maintain. The TT&L Plus system is the worst interface ever invented.

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#1284815 - 11/10/09 08:44 PM Re: T T & L Payments ???? Milby
Juby Offline
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We are also still accepting paper TT&L payments with no plans to stop, although it would be wonderful if customers would consider the electronic options we have been suggesting.

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#1414448 - 07/13/10 07:20 PM Re: T T & L Payments ???? Juby
Tryin-2-Comply Offline
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Joined: Apr 2003
Posts: 202
Hills of TN
I obtained a notice from the Dept of Treasury that beginning Jan 1, 2011 - all FI's must stop accepting TT&L payments. I am trying to find out more information - not just a press release....anyone have anything more?


http://www.ustreas.gov/press/releases/tg644.htm.

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#1414462 - 07/13/10 07:42 PM Re: T T & L Payments ???? Tryin-2-Comply
madukes Offline
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madukes
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Flyers Country
we stopped accepting TT&L payments at our branches on 4/5/10. Letters were sent to our customers in February and info for signing up for EFTPS was made available on our website

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#1414470 - 07/13/10 07:54 PM Re: T T & L Payments ???? madukes
Tryin-2-Comply Offline
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Hills of TN
We want to stop too - but, some of our relationship bankers feel that it's still a service to smaller businesses because they can make their payment and deposits at the same time.

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#1414480 - 07/13/10 08:03 PM Re: T T & L Payments ???? Tryin-2-Comply
madukes Offline
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madukes
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Flyers Country
Originally Posted By: Tryin-2-Comply
We want to stop too - but, some of our relationship bankers feel that it's still a service to smaller businesses because they can make their payment and deposits at the same time.


the problem with that is if there is a discrepancy or a payment appears late they come back to YOU to fix it. smile We've had instances where an overpayment was made and the customer wanted a refund - sorry, not going to happen. smile

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#1414481 - 07/13/10 08:05 PM Re: T T & L Payments ???? Tryin-2-Comply
Comply 101 Offline
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Comply 101
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After 12-31-10 it's not a question of service. Your ops center will not have anywhere to send them. The EFTPS website has good, free marketing materials. The process to sign up on-line is extremely easy. Customers that don't have Internet access, can mail in their application and then conduct activities via phone. They can schedule tax payments ahead of time, get direct confirmation that their payment is received-its a no-brainer. Tell your RBs its the 21st century and the govt is trying to rid itself of paper.
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#1414495 - 07/13/10 08:18 PM Re: T T & L Payments ???? Comply 101
Tryin-2-Comply Offline
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Hills of TN
To me a press release does not provide enough support that this is going to happen - seems more like a want rather than a have to.

I'm looking for hard evidence that it is a requirement of FI to stop accepting them.....not just a news release

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#1462104 - 11/01/10 06:47 PM Re: T T & L Payments ???? Tryin-2-Comply
Ford Offline
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Ford
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Beside Myself
http://fms.treas.gov/eftps/marketing/irs_intent_ltr.pdf

not sure if this still proposed or a final rule
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#1462144 - 11/01/10 07:33 PM Re: T T & L Payments ???? Ford
Georgia Plum
Unregistered

My understanding is it's a done deal. We will not be accepting any more paper coupons after 12/31/2010.

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#1462336 - 11/02/10 01:28 PM Re: T T & L Payments ????
HappyGilmore Offline
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Posts: 19,488
Pulling people out of the ditc...
it has not passed yet, but Fed is no longer providing AOCs to banks or customers, meaning that whether it passes or not, people will be forced to migrate to EFTPS or FRETA.

This was a labor intensive business that likely banks did for no charge, so it will be good to transition from a manual process.
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#1462441 - 11/02/10 03:50 PM Re: T T & L Payments ???? HappyGilmore
SunnyFL, CRCM Offline
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FL
We also received notification several months ago about the pending changes. Last month we learned that all employers that were currently paying federal taxes with a paper federal tax coupon, would be receiving a packet from the IRS about the changes that would also include a pre-enrollment in the EFTPS. Don't know when or if the customers received that - haven't heard. We ordered (at no charge from the IRS) a pamphlet "The Secure Way to Pay Your Federal Taxes" and have placed them at the teller windows along with a sign about upcoming changes for customers who use the Federal Tax Deposit coupon. Treasury's Financial Management Service also had a webinar that was pretty informative. I would think it would still be available for viewing.

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#1462478 - 11/02/10 04:20 PM Re: T T & L Payments ???? SunnyFL, CRCM
Georgia Plum
Unregistered

Here's what we got from FRB

From: Alexandrea.M.Jackson@stls.frb.org [mailto:Alexandrea.M.Jackson@stls.frb.org] On Behalf Of TTL_Plus@stls.frb.org
Sent: Wednesday, October 27, 2010 2:00 PM
Subject: Federal Tax Deposit (FTD) Coupon Processing to End 12/31/2010

A proposed rule (IRS REG-153340-09) will require employers that now pay taxes with a Federal Tax Deposit (FTD) coupon (IRS Form 8109) to transition to another payment method, after December 31, 2010. The public comment period for the proposed rule ended September 22, 2010, and a final rule is being prepared for publication.
The information below outlines the operational impact to your financial institution as a Treasury Tax and Loan (TT&L) participant submitting FTD coupons via an Advice of Credit (AOC) on behalf of business customers.
KEY dates affecting your TT&L operation.
December 31, 2010: The last day financial institutions can accept FTD coupons.

January 3, 2011: The last day financial institutions can submit an AOC representing the dollars collected from FTD coupon payments. At 5:00 p.m. ET, the functionality for submitting AOCs will no longer be accessible in the TT&L Plus application.

February 28, 2011: The last day financial institutions can submit AOC adjustment requests.

Communications were sent to TT&L Plus users at your financial institution with additional information regarding these changes outlined above. Follow-up communications concerning the elimination of FTDs will continue throughout the transition. Communications were also sent to taxpayers, detailing pre-enrollment in the Electronic Federal Tax Payment System (EFTPS), a free service from the U.S. Department of the Treasury.
Your financial institution can stop accepting FTD coupons before December 31, 2010. As you already have a trusted relationship with customers who submit FTD coupons, we ask that you immediately start encouraging them to transition to an alternative method to submit their tax payments.
If you have questions about the information contained in this correspondence, please call the Treasury Support Center at (888) 568-7343 or e-mail TTL_Plus@stls.frb.org.

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#1462680 - 11/02/10 07:18 PM Re: T T & L Payments ????
Loralie Offline
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Loralie
Joined: Jan 2009
Posts: 108
IL
Agreed with Georgia and Sunny- We have recieved countless emails and memos about this, both from our operations department and from the FRB- We were even told if we did accept a coupon after Jan 1, 2011 then the bank would be fined and the teller fired.
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#1462746 - 11/02/10 07:58 PM Re: T T & L Payments ???? madukes
J2C Offline
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Big Brother knows and that's a...
Originally Posted By: madukes
we stopped accepting TT&L payments at our branches on 4/5/10. Letters were sent to our customers in February and info for signing up for EFTPS was made available on our website


We stopped as well.
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#1462984 - 11/03/10 01:18 PM Re: T T & L Payments ???? J2C
HappyGilmore Offline
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Pulling people out of the ditc...
although the provision allows for certain payments under $2,500, with no new forms being generated, they really want everyone to convert
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#1463155 - 11/03/10 04:30 PM Re: T T & L Payments ???? HappyGilmore
Bob The Banker Offline
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Bob The Banker
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Posts: 958
So as I understand, banks will not longer be able to accept TT&L payments. There isn't another method we receive the payment by or anything, point blank, no TT&L payments at banks. Correct?

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#1463162 - 11/03/10 04:42 PM Re: T T & L Payments ????
Aggs Offline
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Aggs
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Hoosier Country
Originally Posted By: Georgia Plum
My understanding is it's a done deal. We will not be accepting any more paper coupons after 12/31/2010.


We also just created the notices to let everyone know that we won't be taking any more tax payments as of 12/31. Our notices provide the customers with details on how to register for the online tax payment service.
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#1463190 - 11/03/10 05:15 PM Re: T T & L Payments ???? Bob The Banker
Skittles Online
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Skittles
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Posts: 13,963
TN
Bob - correct.
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#1463214 - 11/03/10 05:37 PM Re: T T & L Payments ???? Bob The Banker
HappyGilmore Offline
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Posts: 19,488
Pulling people out of the ditc...
Originally Posted By: Bob The Banker
So as I understand, banks will not longer be able to accept TT&L payments. There isn't another method we receive the payment by or anything, point blank, no TT&L payments at banks. Correct?


Not exactly, your customer can originate the payments via your ACH program if you have one, or come in to send via FR-ETA same day wire
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