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emyung
Level 1

Multiple Bank Accounts for EFTPS

Is there a way to setup multiple bank accounts to have payroll taxes pulled from on EFTPS?  We have a new  account that we created with a different bank that approved our PPP loan that we will be using for payroll, but we still need to pay some employees using our current bank account (non PPP loan) and use that account for those employees payroll taxes.

 

Thanks in advance.

5 Comments 5
Mark_R
QuickBooks Team

Multiple Bank Accounts for EFTPS

Welcome to the Community, @emyung.

 

At this time, the option to set up multiple bank accounts to pay your payroll tax liabilities isn't available. However, you can quickly change the bank account for that payroll tax liabilities and use your new PIN. Let me guide you through the process.

 

  1. Go to EFTPS.gov, then select My Profile.
  2. Sign in using your current PIN and password.
  3. On the Tax Payment page, select "Change Account" next to the Banking Information.
  4. Input new banking information.
  5. Sign and accept authorization, then select Complete.

Once done, you can now begin scheduling payments with the new account directly using the new PIN and password.

 

Here's an article you can read for more details: Change bank account for e-payment of tax liabilities.

 

You might also want to check out this article to learn more about electronic paying tax liability payments: E-Pay tax liability payments.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day and be safe.

emyung
Level 1

Multiple Bank Accounts for EFTPS

Thanks for the quick response.  We currently use Quickbooks to help pay our Payroll Taxes via EPAY.  Based on what I'm reading, can you help me figure out if I'm under standing this correctly based on the scenario below?

 

  • In quickbooks Bank Account 1 and Bank Account 2 have been created and EPAY has been enabled for both accounts.
  • Employees A,B, and C will be paid using Bank Account 1 and their payroll taxes will also be paid using Bank Account 1.
  • Employees D,E, and F will be paid using the New Bank Account 2 and their payroll taxes will also be paid using new Bank Account 2.
  • Currently the EFTPS website, Bank Account 1 is established as our only funding account.

Day of Payroll (Week 1).

  1. Run payroll on Employees A,B, and C pulling funds from Bank Account 1.
  2. Use EPay to pay Payroll Liabilities using Bank Account 1
  3. Run Payroll on Employees D,E, and F.
  4. Go to EFTPS and go through steps outlined to update Bank Account info to Bank Account 2.
  5. Get back into Quickbooks and Pay Liabilities using Bank Account 2.
  6. Go back to EFTPS and go through steps outline to update Bank Account info back to Bank Account 1.

Day of Payroll (Week 2)

  1. Repeat steps above?

Thanks in advanced!!

JamesDuanT
Moderator

Multiple Bank Accounts for EFTPS

Hello emyung,

 

Yes, those are the steps you're likely to take for Week 2. Though that would be our best option for you pay the taxes using multiple bank accounts, I'd still recommend reaching out to your accountant. They can give additional options that may suit your business setup.

 

You can just browse the links provided by Mark_R about the e-payment options in QuickBooks.

 

Feel free to drop by again if you have more queries. Have a great day!

john-pero
Community Champion

Multiple Bank Accounts for EFTPS

Eftps.gov does not allow multiple bank accounts last I looked. No stopping you,, if you wish, to pay paychecks from one account and taxes from another. Understand, please, that there is no SBA rule that PPP payroll has to come from any other bank account than the one you always use. The only rule would be the servicing bank if you were not an existing customer. 

john-pero
Community Champion

Multiple Bank Accounts for EFTPS

Your payments to eftps are not what you will use to prove you paid 75% of loan for allowable payroll expenses. You will use payroll summary reports, quarterly irs and state reports, and by the letter of the CARES act the bank is supposed to accept your proof at face value. Not that they will. But they are supposed to. The banks are instructed not to be the enforcers but all seem fearful of being stuck with bad loans

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