Will you be completing this form for more than 20 employees?
Federal banking regulations have imposed additional reporting requirements on all electronic banking transactions that directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process. These are called International ACH Transactions (IAT).
At present, TAX does not support IAT.
If an international transaction is processed by TAX as a domestic transaction, it may be rejected by the taxpayer's bank, subjecting the taxpayer to late penalties.
By instructing TAX to process the electronic banking transaction, you are certifiying that the transaction does not directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process.
If any transaction is IAT, payment will need to be made using a paper check or by ACH Credit. For information about ACH Credit, please refer to TAX's Electronic Payment Guide.