Question: How to Register a Business for
Electronic Funds Transfer (EFT)
Businesses can sign up for Electronic Funds Transfer (commonly referred
to as “EFT”) to pay their state taxes. There is no fee associated with
EFT payments. However, businesses must register in advance for EFT and,
even when registering through Revenue Online (
taxpayer need to wait two business days before making their first
payment through EFT.
Additional EFT Tips
EFT payments must
be completed by 4 p.m. Mountain Time to be considered paid that day.
Sign up for EFT
through Revenue Online. Taxpayers must first set up a User ID and
Password and get access to your Colorado tax account in Revenue
Add/Change an EFT under Payment Options.
On the screen
that appears, select Request a new EFT number and go through the
Step 1: Select an
ACH Type – Note that ACH Debit is the most common method and
taxpayers initiate it. ACH Credit requires taxpayers to contact
their financial institution and follow the financial institution’s
requirements for initiating the payment.
Step 2: Enter
Step 3: Select
Account Types for EFT -- Taxpayers must add the tax type(s) they
want to pay by EFT. Note: Taxpayers will be able to choose only from
the tax types that have already been set up with Department of
Revenue for the entity. To add a new tax to the Colorado Department
of Revenue account, taxpayers must use the CR 0100, Colorado Sales
Tax/Wage Withholding Account Application, or other appropriate tax
account application process.
The EFT tax types
can be updated at any time in the future by going into Revenue
Online, selecting Add/Change an EFT under Payment Options, and then
select Update information on an existing EFT number.
After EFT sign
up, the department sends an email with the EFT number. However,
taxpayers must wait two business days for the number to be
registered with our bank. After two business days, a payment can be
made with the EFT number.
See the EFT
program Web page (www.Colorado.gov/revenue/eft)
for more information.
For Further Information:
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