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F IS C A L . A G E N T





Dallas, Texas, July 23,1943


To Qualified Depositaries for
the Receipt of Withheld Taxes
There is being transmitted' to you under separate cover, by registered mail, a supply of official
depositary receipts (Treasury Department Form 410) which you are required to issue to employers
evidencing payment to you of withheld taxes. The receipt (Form 410-Bx) enclosed with the ship­
ment specifying the serial number sequence of the receipts must be signed and returned promptly
to this bank or appropriate branch.
For the protection of all concerned, extreme care should be exercised in the custody of your
stock of blank receipts. Depositaries will be responsible and accountable to the Federal Reserve
Bank as Fiscal Agent of the United States for the proper custody and use of depositary receipts.
As far as possible such stock, when not in use, should be kept in your vault or safe and a check-up
should be made from day to day of the receipts in current use.
In the-event any of the depositary receipts are lost or destroyed while in your custody, you
should furnish this bank or appropriate branch a statement certifying to such loss or destruction
with proper identification of the lost stock and full particulars of the occurrence. If receipts con­
signed to a depositary are spoiled or voided for any reason, the depositary should mark all three
copies of the receipts “ Void” or “ Cancelled” and return the originals and first copies to this bank
or branch with the next remittance letter (Form WT-3), which will be furnished by this bank or
appropriate branch.
The procedure to be followed by depositaries in the issuance of depositary receipts is set forth
generally in section 7 of Treasury Department Circular No. 714. It is probable, however, that ques­
tions will arise concerning matters that are not dealt with in that circular, and the following infor­
mation may be of interest:
(1) A depositary may consign to employers any part of the stock of depositary receipts en­
trusted to it, provided:
(a) Such consignment is essential to expedite the work of the depositary in the acceptance
of deposits of withheld taxes and issuance of receipts therefor; and
(b) That the depositary understands such consignment is at its sole risk and responsibility
and that it is in no way relieved of accountability for such receipt forms.
(2) Depositary receipts should be made out on the typewriter, or with pen and ink, and the
signature of the officer or authorized employee executing the receipts must be in ink. The A. B.
A. number of remitting bank must be indicated on the receipt.
(3) It is essential that the dollar amount t>e written in the receipt in addition to showing the
amount of the payment in figures. Check writing machines may be used for this purpose if
desired, but the amount of payment must always be shown in figures in the block provided
(4) The remittance of withheld taxes must be made in exchange immediately available to this
bank or branch, in accordance with the provisions of section 7 of Treasury Department Circular
No. 714. The first copy of the receipts (Form 410) comprising the remittance must be listed in
numerical sequence on a letter of transmittal (Form W T-3). The receipt number and amount

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (

must be listed on the letter and the total of all receipts indicated. This bank or branch will
acknowledge receipt of the remittance by date and total.
(5) All depositaries are requested to follow the serial number sequence to the fullest extent
practicable in issuing receipts, without delaying the issuance of receipts for payments made by
employers or causing complications in the operating routine of the depositary. It is understood
that it will not be possible to follow a strict numerical sequence, particularly in the case of
larger banks. However, in such cases, the depositary should follow the serial number sequence
as closely as possible in issuing stock for use by its employees or branches so that gaps between
serial numbers of receipts issued will be kept as small as possible.
(6) Depositaries should not destroy or otherwise dispose of their copies of receipts until
instructed by this bank or branch.
(7) Only the original copy of the official depositary receipt should be issued by the depositary
to an employer.
(8) With respect to banks having branches, we will furnish Form 410 to the parent bank only,
and the parent bank will be responsible for proper custody and use of receipts in the hands of
branches even though, for operating purposes, such branches may be allowed to function sep­
arately in issuance of receipts, remittance of funds, and accounting for custody of receipts.
(9) Depositaries are not authorized to issue employers duplicates of lost, stolen, or destroyed
depositary receipts. Application for such duplicates must be filed with the appropriate Federal
Reserve bank or branch by the employers concerned.
(10) Depositaries will accept payments from employers irrespective of dates and amounts of
such payments in relation to the liability or duty of the employer and requirements of law or
regulations relative to such payments. Depositaries should not advocate payments of withheld
taxes more frequently than once each month; however, if more frequent payments are tendered
by employers, their acceptance is permissible. Payments by employers whp withhold one hun­
dred dollars or less during the month may be accepted when tendered.
(11) Employers may make their payments of withheld taxes to any bank designated and qual­
ified as a depositary pursuant to Treasury Department Circular No. 714 regardless of whether
the employer is a customer of such depositary. However, under the provisions of the Circular,
depositaries are not required to accept such payments in funds which are not immediately
available to the depositary at the time of such payment.
(12) Generally all matters relating to withheld taxes should be taken up by depositaries with
this bank or appropriate branch. Depositaries, however, should cooperate with Collectors of
Internal Revenue if the Collectors should require information relating to receipts in the per­
formance o f their official duties.
(18) Depositaries should caution employers not to make checks, drafts, etc., for the payment
of withheld taxes payable to any Federal official.
(14) Each Depositary for Withheld Taxes shall open and maintain on its books a special
account entitled “ Federal Reserve Bank of Dallas, Fiscal Agent of the United States—Withheld
Taxes,” in accordance with section 7 of Treasury Circular No. 714. To this special account the
depositary shall credit all payments of withheld taxes made to the depositary by employers for
such purpose. At the time such payments are credited to such account the depositary must
issue a depositary receipt using Form 410. Depositaries will be required to furnish this bank or
branch with a detailed monthly statement of the special “ Taxes Withheld” account maintained
on their books.
(15) A depositary may in lieu of making payment to another depositary qualified for the same
purpose, deposit taxes withheld from wages of its own employees directly to the credit of the
special account “ Withheld Taxes.” For such payment the depositary will issue to itself, as an
employer, Depositary Receipt, Form 410.
All questions or requests for further information in connection with this work should be
addressed to this bank or branch to which the depositary is attached.
Fiscal Agent of the United States

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