PayPal Head of Government Solutions Clam Lorenz published the following post on the PayPal corporate blog:
According to the Internal Revenue Service (IRS), Americans spend an average of thirteen hours per filing preparing their tax returns, and businesses lose more than a week and a half of work preparing their tax documents.
As payment options evolve, many taxpayers want to ditch cash and checks in favor of fast and secure ways to pay tax bills digitally. The IRS is expecting more than four out of five returns to be filed online this year.
PayPal is teaming up with partners to help U.S. residents and small businesses better manage and move their money. This year, that includes the ability to pay federal income taxes on IRS.gov with PayPal, and for businesses to share PayPal transactions with Zoho Books to consolidate their accounts.
Pay your IRS income taxes with PayPal. Get an extra six months to pay with PayPal Credit. We’re excited to announce that starting this year, more than 90 million active PayPal users in the U.S. can now pay their federal income taxes to the IRS with their PayPal account, through two easy options:
On IRS.gov, select the Payments tab and choose the Pay by Card option. The first IRS-approved partner, PayUSATax.com offers PayPal. OR, go directly to PayUSATax.com to pay your 2016 income tax with PayPal.
Paying your taxes with PayPal keeps your financial information private: you can pay your tax bill without worrying about your account data. If you’re a small business owner that uses PayPal to receive payments, you can even pay your taxes directly with your PayPal balance.
And if you need a little more time to pay off your large tax bill, qualified PayPal users who owe $99 or more can take advantage of PayPal Credit. Make no payments for up to six months and owe no interest if you pay off the amount in full within six months. Choose PayPal Credit as your funding source when you pay with PayPal, and give yourself an extra “extension”.
Businesses Can Easily Reconcile Their Accounts With PayPal and Zoho Books
For business owners who have a hard time reconciling payment transactions from various sources, they can look forward to our improved data-sharing feature, making it easy where you can share your PayPal transactions securely with 3rd parties, like an accountant.
Starting this week, Zoho Books users will have a more secure way of fetching PayPal transactions and recording multiple currencies into Zoho Books. In simplest terms, this means that your business can reconcile transactions faster and generate tax required documents with no extra fuss. This was one of our top requested features from our business customers and we are excited to work with Zoho as our first accounting software partner to roll out this feature. Read more about this integration on Zoho’s blog.
Thanks to your feedback, we are making it easier for individuals and small businesses alike to better manage cash flow and file taxes online. To learn more, make sure you take advantage of the PayPal resources website with business tools and tips including three tax season success tips for small business owners. Head to www.paypal.com/thisisyouryearfor free business resources including informative videos.
You can find the post along with links by going to the PayPal website and clicking on “Blog” at the bottom of the page; then click on the post with the title, “IRS and Zoho Books Now Integrated with PayPal”.
Source: PayPal Corporate Blog