Collecting Federal Revenue
The Bureau of the Fiscal Service (Fiscal Service) administers the world's largest government funds collections systems through a network of more than 10,000 financial institutions.
In fiscal year 2013, the bureau collected $3.56 trillion in federal revenues, such as individual and corporate income tax deposits, customs duties, fees for government services, fines, and loan repayments. Of that amount, $3.47 trillion, or 97 percent, was collected electronically.
Using cutting-edge technology, Fiscal Service has taken a leadership role in providing federal agencies, individuals, businesses, tax practitioners, and financial institutions with a wide variety of electronic collection alternatives. The options are designed and developed with some major goals in mind:
- to offer a service that is easy to use, convenient and secure
- to streamline the collection process
- to make full use of web technologies
- to manage the depositary services provided to Treasury by financial institutions, and
- to monitor the cash position of the federal government.
The Electronic Federal Tax Payment System (EFTPS) was originally introduced in 1996.,In September 2001, FMS (now Fiscal Service) and IRS launched a new Internet application, EFTPS-Online at www.eftps.gov, offering all businesses and individuals the convenience of making their federal tax payments electronically 24 hours a day, 7 days a week.
In FY 2013, there were over 115 million Pay.gov transactions totaling approximately $113 billion.
This legacy bureau provided central payment services to federal agencies, operated the collections and deposit systems, provided government-wide accounting and reporting services, and managed the collection of delinquent debt owed to the government.
TreasuryDirect is the first and only financial services website that lets you buy and redeem Treasury securities, including U.S. Savings Bonds, directly from the U.S. Department of the Treasury in paperless electronic form.
The Administrative Resource Center works with federal agencies to improve the agency's success by delivering responsive, customer-focused, cost-effective administrative support.
The Do Not Pay Business Center was developed to support federal agencies in their efforts to reduce the number of improper payments.
A free service offered by the Department of the Treasury to help business and individual taxpayers conveniently pay all their federal taxes electronically.