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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

53T

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

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

0 0 HOT

F E D E R A L T A X E S ).
FOR U SE

O
F

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

U .S . TREASURY
,5 9 l4 2 x

TO TAL

0

FISCAL

DEPA R TM ENT

FORM

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:

BY

FEDERAL

RESERVE

IA N K

FOLD.

R E C E IP T V A L ID A T E D AMD D EP O S IT C R E D IT E D
IN ACCOUNT O f TR E A S U R E R O f U . S . :

S TA P L E .
S P IN D LE.
OR

7

n

B

S 8

M U T IL A T E
AFTER Y O U VALIDATED IECEIPT IS lE T IR N ID BY FEBEIAl
RESEIVE BANK, YOU MUST S E N IT TB THE DIBECTOB
W ITH YBBB IIA B T E B IY EXCISE TAX R ETB R N .
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

“T 7 i i
mH

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
O
R

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.)





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102