Correcting Accidental EFTPS Payment.

[Jeff Wisnia]

Our small S corporation pays a biweekly payroll on Thursdays to its
employees and we file and pay a 941 payment via EFTPS by the following
Wednesdays. I accidently used a previous payroll's data when making a
941 payment earlier this month. I noticed it that day but couldn't seem
to get it to cancel via EFTPS, so I just made another entry of the
proper data then and there. Our EFTPS "Payment History" page shows the
incorrect and correct payments made on the same date, and they have both
been debited from our corporation's bank account. My question is, what
procedure I should take to get a refund or credit for that erroneous
payment?

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[ira smilovitz]

On Monday, September 21, 2020 at 8:04:18 PM UTC-4, Jeff Wisnia wrote:
> Our small S corporation pays a biweekly payroll on Thursdays to its
> employees and we file and pay a 941 payment via EFTPS by the following
> Wednesdays. I accidently used a previous payroll's data when making a
> 941 payment earlier this month. I noticed it that day but couldn't seem
> to get it to cancel via EFTPS, so I just made another entry of the
> proper data then and there. Our EFTPS "Payment History" page shows the
> incorrect and correct payments made on the same date, and they have both
> been debited from our corporation's bank account. My question is, what
> procedure I should take to get a refund or credit for that erroneous
> payment?
>
> --

There isn't much you can do. From the EFTPS FAQs:

I made a mistake in the amount or tax type or tax form/used the wrong enrollment. How do I cancel a payment?

If it's two or more business days before your payment is scheduled to be made, click on Payments from the home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions.

If the payment is scheduled to occur in less than two business days, you cannot cancel it through EFTPS® tax payment service. Please follow the appropriate guidance below for your situation:

- If your previous payment is less than the amount owed, schedule another payment for the difference.
- If you indicated the wrong tax form or tax type, contact the IRS in 10 business days to have a correction made.
- If you have more than one EFTPS® enrollment and used the wrong account, contact your financial institution about denying the payment. Please note that fees may apply.
- If you paid more than the amount you owe, the additional funds will be applied to the next tax period. Or, you may contact your financial institution about denying the payment. Please note that fees may apply.

Ira Smilovitz, EA
Leonia, NJ