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U.S. TREASURY TESTS INTERNET-BASED BUSINESS PAYMENT SYSTEMSource: Excite NewsPosted on January 11, 2001 The U.S. Treasury Department announced Tuesday that it was testing an Internet-based system for businesses to pay their federal taxes online. Businesses would be able to enroll in an Internet version of Treasury's existing Electronic Federal Tax Payment System (EFTPS), make their payments and receive an electronic payment history over the Internet. "Initial reaction to the concept of using the Internet has been very positive, with business owners reporting that moving EFTPS to the Internet would help them consolidate their tax business with all other business applications," said Charles Rossotti, commissioner of the Internal Revenue Service. The IRS is the tax-collecting arm of the U.S. Treasury. The online system will use encryption technology and other security features to guard taxpayer privacy. The Treasury said it was conducting a pilot program currently to test the new payment method and, after evaluating its performance, likely will offer it to all businesses in the United States and abroad. It will also be available to individuals, such as those who are self employed, who make estimated quarterly tax payments.
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