View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL R E SE R V E BANK
O F NEW YORK
Fiscal A gen t o f the U nited States

rC ircu lar N'o. 15254 4 1
M arch 15, 1950
J

L

DEPOSIT OF FEDERAL TAXES WITH DEPOSITARY
BANKS AND FEDERAL RESERVE BANKS
Revision o f Operating Circular No. 18

To all Banks and Trust Companies
in the Second Federal Reserve D istrict:

In our Circular No. 3518 dated December 2, 1949, we advised you
that, as a result of the Treasury Department’s revised system fo r the
deposit of Federal taxes (income taxes withheld at the source and social
security taxes) with respect to wages paid on and after January 1,1950,
our Operating Circular No. 18 dated December 8, 1947, as amended,
entitled “ Payment Through Depositary Banks of Funds Withheld as
Taxes” , would become entirely ineffective at the close o f business
January 31, 1950. W e have therefore revised our Operating Circular
Xo. 18, a copy o f which we transmit herewith, to set forth information
and instructions in connection with transactions with this Bank pur­
suant to the Treasury Department’s new regulations governing deposits
o f Federal taxes.
Additional copies of the revised operating circular will be furnished
upon request.




A

llan

S

proul,

President.

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