What does the acronym EFTPS stand for?

The acronym EFTPS stands for Electronic Federal Tax Payment System. This system is an IRS service that allows individuals and businesses to make federal tax payments electronically via the internet or phone. EFTPS is known for offering a secure and efficient way to pay taxes, providing users with the ability to schedule payments and receive confirmation of payment delivery, which is essential for maintaining accurate tax records.

The other options do not correctly describe the specific system. Electronic Fund Transfer Payment Services refers more broadly to various services related to transferring funds electronically but does not capture the specific focus on federal tax payments. Electronic Financing Transaction Processing System and Electronic Financial Transfer Payment System could suggest a more general application related to financial transactions, but they do not specifically refer to the federal tax context, which is critical to understanding what EFTPS stands for and its purpose in the payment landscape.