EFTPS - Financial Management Service - Department of the Treasury

More documents

Recommendations

Info

are also more likely to equate verification of paymentwith checks rather than electronic payments.Perceptions of Transition to Electronic PaymentThe enrollment process does not appear to be abarrier among tax professionals or small businesses.Tax professionals and small businesses overwhelminglyreport that the EFTPS enrollment processis straightforward and easy—not difficult and confusing.Individuals, on the other hand, are likely to findthe enrollment process daunting—41 percent find theprocess difficult and confusing.Nearly every small business surveyed (98 percent)owns a computer and has access to theInternet. This reflects familiarity with computersand software applications among the target audience,which indicates that making the transition to EFTPSwould not be expensive or difficult for taxpayers.Concerns about float identified in the qualitative studywere not replicated in the quantitative study.How Respondents Attach Attributes to Form of PaymentAttributeTaxProfessionalsn=500SmallBusinessesn=600Individualsn=400Payment and client/personal company info is secure Electronic CheckCheckAvoiding late payment penalties Electronic Electronic NeitherReceive proof of payment Electronic Electronic CheckPayment process is fast and easy Electronic Electronic Neither8
SUMMARY ANDCONCLUSIONSClearly, EFTPS is early in the adoption curve for smallbusinesses and individuals. Building awareness andfamiliarity through educational efforts will be effectivein boosting the use of EFTPS. Specifically, increasingthe knowledge of, and comfort level with, the securityof both the EFTPS system and taxpayers’ personalinformation will likely overcome concerns stemmingfrom a lack of understanding.tremendous with an aggressive communicationsprogram. And the payoff is clear. As usage of thiselectronic payment method increases, the numberof paper payments processed will decrease, resultingin significant cost savings for the government. Taxprofessionals, small businesses and individuals willbenefit from greater accuracy, timeliness and efficiencyof tax payments.Also important to consider is the critical role of taxprofessionals. Tax professionals realize a sense ofaccomplishment when their clients view them as helpfuland perform their responsibilities well. Tax professionalsreport making recommendations on paymentissues to their clients, and the clients in turn reportthat they usually agree with the recommendations.Thus, encouraging tax professionals to educate theirclients on the benefits of electronic payment wouldlikely lead to greater use of EFTPS. At the same time,communicating directly with small businesses andindividuals will be important to gain trust and helpmotivate tax professionals to encourage their clients touse EFTPS.Acceptance of EFTPS could be facilitated if small businessesunderstand how the service will increase theirefficiency. Increased efficiency, as demonstrated in thevalues-based research, leads to a sense of control, securityand peace of mind concerning their businesses.Because familiarity is tied to favorability among allaudiences, the potential for growth in EFTPS usage is9
Page 1 and 2: EFTPSElectronic Federal Tax Payment
Page 3 and 4: INTRODUCTIONBACKGROUNDThe Electroni
Page 5 and 6: QUALITATIVE STUDYMETHODOLOGYThe qua
Page 7 and 8: QUANTITATIVE STUDYMETHODOLOGYThe qu
Page 9: The Role of Tax Professionals in Ma

EFTPS - Financial Management Service - Department of the Treasury

Create successful ePaper yourself

Delete template?

Save as template?