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FED ERAL R E SE R V E BANK O F NEW YORK Fiscal Agent of the United States r Circular No. 4 0 0 0 T L July 28, 1953 J D E P O SIT O F F E D E R A L T A X E S W IT H D E P O S IT A R Y B AN KS First Am endm ent to Treasury Departm ent C ircular N o. 848 (Revised) and this Bank's Revised Operating Circular N o. 18 To all Banks and Trust Companies in the Second Federal Reserve D istrict: E nclosed is a cop y o f the F irst Amendment, dated J u ly 3, 1953, to T reasury D epartm ent Circular No. 848 (R ev ised ) and a co p y o f our O perating Circular No. 18, R evised J u ly 28, 1953. These docum ents reflect changes made b y the T rea su ry in its D epositary R eceipt System, which were announced to you in our Circular N o. 3994, dated J u ly 6, 1953. The changes perm it F ederal R eserve Banks and com m ercial bank depositaries to receive deposits o f certain F ederal excise taxes in the same manner as they have been receiving deposits from em ployers o f taxes on wages. A dditional copies o f the enclosures w ill be furnished upon request. A llan S proul, President. REGULATIONS GOVERNING THE DEPOSIT WITH FEDERAL RESERVE BANKS AND DEPOSITARY BANKS OF EMPLOYER AND EMPLOYEE TAXES UNDER THE FEDERAL INSURANCE CONTRI BUTIONS ACT; INCOME TAX WITHHELD ON WAGES UNDER SECTION 1622 OF THE INTERNAL REVENUE CODE; EMPLOYER AND EMPLOYEE TAXES UNDER THE RAILROAD RETIREMENT TAX ACT; AND CERTAIN FEDERAL EXCISE TAXES 1953 DEPARTMENT CIRCULAR NO. 848 (R evised) First Amendment TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Washington, July 3, 1953. F isca l Service Bureau o f Accounts To F e d e ra l R e s e rv e B a n k s, incorporated b a n ks a nd trust com panies, and others concerned: Department Circular No. 848 (R evised), dated June 25, 1951, is hereby amended, effectiv e July 1, 1953, as follows; 1. By deleting the word “ and" immediately following the final sem icolon o f the title o f the Circular, and adding at the end o f the title, as a part thereof, the following: and Certain Federal E xcise T a x e s ." 2. By deleting the word “ and" immediately preceding *(3)" in the next to last line o f Section 1. Scope o f R e gu la tio n s, and adding at the end o f that section the following: and (4) certain Federal e x cis e taxes specified in Section 477.2(b) o f Treasury D ecision No. 6025 approved July 3, 1953.» 3. By deleting the word “ and" immediately preceding “ (3)* in the third line o f sub-paragraph (a) in Section 2. D e fin itio n o f Term s, and adding at the end o f that sub-paragraph the following: *and (4) certain Federal e x cis e taxes specified in Section 477.2(b) o f Treasury D ecision No. 6025 approved July 3, 1953." 4. By deleting the word “ and* immediately preceding *(2)" in the third line o f sub-paragraph (d) in Section 2. D e fin itio n o f Term s, and adding at the end o f the first sentence the following: *; and (3) ‘ Depositary R eceipt for Federal E xcise T a x e s ’ , for use by taxpayers in making de p osits o f certain Federal e x cis e ta x es." 5. By adding to Section 2. D e fin itio n o f Term s, the follow ing sub-paragraph: “(e) ‘ Employer’ shall include any taxpayer required or permitted to deposit Federal e x cis e taxes in the manner provided for in this circular. * 6. By deleting the words “collector o f internal revenue* and “collector* wherever they appear in the Circular and inserting in lieu thereof the words “district director of internal revenue* and “ district director*, respectively. 7. By inserting as Exhibit E in Department Circular No. 848 (R evised) the illustration o f Treasury Department Form 537 - “ Depositary R eceipt for Federal E xcise T a x e s ", appearing as a part o f this amendment. G. M. HUMPHREY Secretary o f the Treasury. GPO 8 3 - 8 6 0 49 8 EXHIBIT E DEPARTMENT CIRCULAR NO. 848 (R evised) - First Amendment (F a ce) DEPOSITARY RECEIPT FOR FEDERAL EXCISE TAXES DO NOT STAPLE N O T IC E TO TAXPAYER FOR USE BY D IRECTOR OF IN T E R N A L R EV EN UE F IL L IN A L L ITE M S BELOW BEFO RE MAKINC D E P O S IT: S E E IN S TR U C TIO N NUMBER ONE ON REVERSE: TO TAL TAXE i EN TE R T H E C O M B IN ED A M O U N T OF A C C O U N TS 'F E D E R A L E X C IS E T A X E S . ID E N T IF IC A T IO N NUM BER E N T E R ID E N TIF IC A T IO N NUM BER (S AM E -N U M B E R A S U S E D FOR W ITH H E L D 00 HOT F E D E R A L T A X E S ). FOR U SE OF T Y P E OR PRINT NAME AND ADDRESS OF T A X P A Y E R ^ S E R V IC E — BUREAU FISCAL ,5 9 l4 2 x U.S. TREASURY DEPARTMENT FORM 5 3 T 0 BY FEDERAL RESERVE IA N K FOLD. RECEIPT VALIDATED AMD DEPOSIT CREDITED IN ACCOUNT Of TREASURER O f U .S .: STAPLE. SPINDLE. OR 7 n B S 8 M UTILATE AFTER Y O U VALIDATED IECEIPT IS lETIR NID BY FEBEIAl RESEIVE BANK, YOU MUST S E N IT TB THE DIBECTOB WITH YBBB IIA B TE B IY EXCISE TAX RETBRN. iM H w n a n a n a a a a a n a a a iia a M a a n a a a fla a a a a a a a a M R E C E IP TS ISSUED FOR CHECKS VALIO ONLY WHEN FUNDS ARC C O L L E C TE D j , |! TO TA L T « x e » a aj)4|B a i i I jcWCQIT O A T E I ID C N T . N U M B E R “ Tm7H i i a a k i e | o m a|n n|a a f a p i a i n a | a i I n77*71 » | « (Reverse) DO NOT STAPLE IN S T R U C T IO N S T O TAXPAYERS BANK 1 . F illin g o u t receipt fo rm - . P rin t o n fa c e of re c e ip t f o rm , u s in g pen or ty p e w rite r, (o ) T o t o l Ta x e s (co m b in e d a m o u n t FE D E R A L FED ER A L RESERVE TA X E S o f F e d e r o l e x c is e t o x e s ) ; ( b ) I d e n t i f i c a t i o n N u m b e r (n in e d ig it n u m b e r a s s ig n e d t o yo u b y D ir e c to r o f I n t e r n a l R e v e n u e f o r t h is p u r p o s e or o l r e o d y b e in g u s e d b y you fo r d e p o s it s o f W it h h e ld T a x e s , if y o u m a k e s u c h d e p o s i t s ) ; a n d ( c ) n a m e o f t a x p a y e r a n d a d d r e s s to w h ic h t h is r e c e i p t s h o u ld be r e t u r n e d a f t e r v o lid o tio n by F e d e ra l R e s e r v e B a n k . I f y o u d o n o t h a v e a n I d e n t i f i c a t i o n N u m b e r , y o u s h o u ld n e v e r t h le s s m a k e y o u r d e p o s it o f t o x e s , m e a n w h ile r e q u e s t in g a n I d e n t i fic a tio n n u m b e r fro m th e D i r e c t o r o f I n t e r n a l R e v e n u e . ENDORSEM ENT BY D E P O S IT A R Y FOR 2 H o w to m o k e d e p o s it : M o il f i l le d -o u t .r e c e ip t fo r m , to g e th e r w ith single re m itta n c e co ve rin g to ta l ta x e s , to the W ith h e ld T a x D e p o rtm e n t of a n y p a re n t Fe d e ra l R e s erve Bonk o r d e liv e r o r m o il to any c o m m e rc ia l ba n k th o t is q u a lifie d a s a D e p o s it a r y f o r F e d e ro l T a x e s . R e m itt a n c e s should be in th e fo rm o f c h e c k o r m o n e y o r d e r . p a ya b le to th e Fe d e rol R e s e r v e B o n k .f o r d e p o s its w ith o R e s e rv e B o n k .o r poyable to the c o m m e r c io l bon k, fo r d e p o s its w ith o c o m m e rc io l bonk d e p o s it o r y . D e p o s it o r y b o n k s w ill f o r w a r d re c e ip t fo rm s to FOR OR fe d e ra l R e s e rv e B a nk s fo r v a lid a t io n . bPACE 3 . W h e n to m oke d e p o s its : Deposit toxes fo r e ach o f the first two m onths o f a n y ca le n d a r q u o rte r not la te r th a n the la st d a y of the m onth follow ing e o ch such m c n th . D e p o s it toxes for th* lost month o f a q u a r te r on o r b e fo re the lo st d a y o f the m on th follow ing the c lo s e o f th e q u a r t e r , o r r e m it d i r e c t ly to th e D i r e c t o r of IBM I S S S 2 I X In t e r n a l R e v e n u e w i t h ta x r e t u r n ; in th e la t t e r c o s e re ta in blonk d e p o s it o r y r e c e ip t fo rm for- u se in m a k in g n e xt d e p o s it DO N O T MUTILATE w ith a F e d e ro l R e s e rv e B o n k o r d e p o s it o r y . T im e lin e s s o f a d e p o s it w ill be d e te rm in e d b y th e d ote o f re c e ip t b y a F e d e ra l R eserve B a n k o r d e p o s ito ry * in d ic a te d b y the e n d o rs e m e n t on the re v e rs e of th e re c e ip t f o r m . 4 . V o lid o te d r e c e ip t s : F e d e ro l R e s e rv e B a n k s w ill v a lid a te re ce ipts a n d re tu rn th e m d ire c tly ta t a x p a y e r s . T a x p o y e r s h o u ld re t o m v o lid o le d re c e ip t s u n til f ilin g •his q u a r te rly la x r e t u r n .o n d en clo se th e m w ith the re t u r n ( d o r o t s t o p l e n T a x p a y e r s hou ld keep a re c o rd o f v a lid a t e d re c e ip ts to e n a b le h im to id e n t if y th e m in t h e e v e n t o f lo s s . 5 . In q u ir ie s a n d re q u e s ts f o r re p la c e m e n t of lo s t v o lid o te d r e c e ip t s : S u c h in q u irie s and re q u e s ts sho u ld be d ire c te d to the F e d e ro l R e s erve B o n k o r d e p o s it a ry w ith w h ich the d e p o s it w a s m o d e . T o x p a y e r s hou ld s ta te d o te o f validation o f re c e ip t, a m o u n t o f d e p o s it , n a m e , o d d r e s s . Id e n tific a tio n N u m b e r , o n d s e r ia l n u m b e r o f r e c e i p t . I n q u i r ie s o n d re qu e sts o f th is n a tu re sho u ld a s ] b e m o d e o f D ire c to rs o f In te r n a l R e v e n u e . R e p la c e m e n t re ce ip ts w ill be issued b y Fe d e ra l R e s e rv e B a n k w ith o r th ro u g h w h ich d e p o s it was m o d e . 6 . O b ta in in g blonk re c e ip t fo rm s fo r n e x t d e p o s it : Fe d e ra l R e s e rv e B a n k s w ill fo rw a rd a blonk re c e ip t fo rm t o to x p o y e r a t th e tim e th e v a lid a t e d re c e ip t is r e t u r n e d . D o n o t e x c h a n g e b la n k re c e ip ts w ith o th e r ta x p a y e r s , s in ce e a c h s u c h r e c e ip t is p u n c h e d w ith y o u r identification Num ber. T a x p a y e r m a y s e c u r e a d d it io n a l b la n k r e c e ip t fo rm s fro m F e d e ra l R e s e rv e B a n k s , if r e q u ire d . (See Exhibit B o f Department Circular No. 848 (R evised) for detailed instructions to employers for fillin g out depositary receipt forms.)
@FedFRASER