What is the Electronic Federal Tax Payment System
The U.S Department of Treasury introduced the Electronic Federal Tax Payment System (EFTPS) to facilitate secure online payments through direct bank accounts. It can be used for both owed as well as estimated tax payments. Whenever a business enrols for EFTPS, they get a 4-digit EFTPS PIN and password, which is required while making an e-payment for 940 and 941/944 tax forms. The validity of this password is 13 months. If you are a QB user, you can change EFTPS password in the QuickBooks application. The process to change EFTPS Password in Quickbooks differs in desktop and self-employed versions.
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3 Things To Know Before You Update Your EFTPS Internet Password
You should be aware of certain changes in policies made by the IRS before you update your EFTPS Internet password. As of 24th October 2019, the guidelines for EFTPS password is as follow:-
- EFTPS passwords are required to be changed after every 13 months.
- The password length is supposed to be between 12-30 characters. Earlier it was from 8-12 characters.
- Your current password will still be applicable and effective after you change EFTPS pin online.
2 Requirements to Change EFTPS Password in QuickBooks
There are two things that users are required to do in order to change the Electronic Federal Tax Payment System password in QuickBooks successfully. Hence, carefully follow eftps password requirements without pulling yourself into another trouble here:
Note:– These requirements are not applicable for QuickBooks Online.
- Make sure you are using the latest version of the QuickBooks application. Update if required.
- Download the latest tax table update in your application.
The 2 Methods to Change Login Password for EFTPS
The EFTPS password you save will be used in future e-payments of your taxes. The process to change login passwords for EFTPS is different in QuickBooks Desktop and Self-Employed. Let’s look at these methods in detail:-
1: Change EFTPS Password in QuickBooks Desktop
Users can change EFTPS password in QuickBooks desktop while making an e-payment. These are the steps you need to follow:-
- Go to the Pay Liabilities menu from the Payroll Center.
- Now go to the Pay Taxes & Other Liabilities section and choose the tax you are trying to e-pay. Then click on View/Pay.
- Make sure E-payment is selected. Tap on E-pay.
- Type in the 4-digit PIN and the new EFTPS Internet password.
- Enter any information that is missing.
- Tap on Submit.
Re-enter your 4-digit PIN and EFTPS Internet password the next time you make an e-payment, and choose the Remember My Information for next Time option.
2: Update your EFTPS password in QuickBooks Self-Employed.
You can also fix error 1003/2190 if you update your EFTPS password in QuickBooks Self-Employed. These are the 5 steps you need to follow:-
- Run QuickBooks Self-Employed and go to the Taxes menu.
- Click on the Quarterly tab and click on Pay Now.
- Choose the option to pay Online.
- Type in your current password and update EFTPS password. It will update the connection.
- Click on continue and follow the on-screen instructions.
Seek Expert Help to Reset EFTPS Password for QuickBooks
So these are the methods to change EFTPS password in QuickBooks. Refreshing your bank connection in QuickBooks Online can directly change it for QBO. If you need any further assistance, reach out to an expert at Asquare Cloud Hosting Helpline Number, and they can provide you with the necessary guidance.