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NOTICE: TT&L Coupons

In response to the decision of the Financial Management Service to discontinue the system that processes Treasury Tax & Loan (TT&L) coupons, the Internal Revenue Service (IRS) on August 19 published a public notice of a proposed rule to end coupon processing after December 31, 2010. The proposed rule calls for most businesses that now pay their federal taxes with a paper Federal Tax Deposit coupon (IRS Form 8109) to pay electronically as of January 1, 2011. Those who are not required to use coupons—businesses with a very small federal tax liability (generally, under $2,500 per quarter)—may continue to pay electronically or mail a check with their return. The proposal reflects Americans’ growing comfort with electronic payment and the trend among financial institutions to stop accepting coupons. The proposed rule may be viewed at www.regulations.gov (IRS REG-153340-09). The IRS will consider comments received by September 22, 2010, before publishing any final rule. Electronic options include using Treasury’s free Electronic Federal Tax Payment System’s Web site (EFTPS.gov) or phone line (800-555-3453).