Wells Fargo Offers Small Businesses Ability To Pay Taxes Electronically
Wells Fargo Bank announced today that it is providing small businesses the option of paying federal payroll and business taxes electronically using "Business Gateway," its online banking service. The federal government's new electronic payment requirement mandates small businesses that paid payroll taxes of more than $50,000 in 1996 must soon pay their federal tax deposits electronically. "Wells Fargo is once again offering cutting-edge financial solutions for small businesses," said Ken Zimmerman, vice president in the Business Banking Group. "We believe many small business owners will enjoy the convenience of making their tax payments online from their own personal computer. Our new feature, which was approved by the IRS, will give our small business owners a choice in managing their tax payments." According to the IRS mandate, if a business is obligated to pay electronically, and fails to do so by the July 1, 1998 deadline, it risks a penalty fee of 10 percent of the tax owed.
  — March 30, 1998