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F E D E R AL R E SE R V E B AN K OF N E W YORK Fiscal A g en t o f the U nited States rCircular No. 3 7 2 9 * 1 L June 28, 1951 J D E PO SIT OF R A IL R O A D R E T IR E M E N T T A X E S W IT H D E P O S IT A R Y BANKS Revision o f Treasury Department Circular No. 848 and this Bank’s Operating Circular No. 18 To all Banks and Trust Companies in the Second Federal Reserve District: The T reasury D epartm ent has announced that, effective with respect to wages paid after June 30, 1951, em ployers w ithholding R ailroad Retirem ent taxes from the wages o f their em ployees will be required to deposit such taxes each m onth with a F ederal R eserve Bank or a qualified D epositary fo r F ederal Taxes, if the aggregate amount o f the em ployer and em ployee taxes exceeds $100 a month. D eposits m ay be made at the option o f the em ployer, if the amount o f such taxes is $100 or less a month. E nclosed is a cop y o f T reasury D epartm ent Circular No. 848 (R ev ised ), dated June 25, 1951, which authorizes qualified D epositaries fo r F ederal T axes to accept deposits o f R ailroad Retirem ent taxes, and sets forth the procedure to be follow ed b y D epositaries fo r F ederal Taxes. Banking institutions which are already qualified as D epositaries fo r F ederal Taxes, pursuant to T reasury D epartm ent Circular No. 848, w ill not be required to requalify under the revised circular. D eposits o f R ailroad Retirem ent taxes w ill be accom panied by a distinctive receipt form , U. S. T reasury D epartm ent F orm 515 — R ailroad Retirem ent D epositary R eceipt. This form appears as Exhibit C in the enclosed T reasury D epartm ent Circular No. 848 (R ev ised ). In all other respects, the procedure to be follow ed b y depositaries, relating to R ailroad Retirem ent tax deposits, w ill be identical with the existing procedure with respect to deposits o f withheld incom e tax and em ploym ent (S ocia l S ecurity) taxes. It w ill not be necessary fo r depositaries to segregate R ailroad Retirem ent D epositary Receipt form s fro m F ederal D epositary R eceipt form s relating to deposits o f w ithheld incom e tax and Social S ecurity taxes, when transm it ting them each day to the F ederal R eserve Bank. D epositaries m ay transmit to us, under cover o f a single transm ittal letter (our F orm W . T ax 2 or W . T ax 15), both the new F orm 515, and the existing F orm s 450 and 450-A which are used in m aking deposits o f withheld income taxes and employment (S ocia l S ecu rity) taxes. Our F orm W . T ax 2, although designed fo r the transm ittal o f F orm s 450 and 450-A only, m ay be used until our present supplies o f that fo rm are exhausted, at which time the fo rm w ill be revised. Our O perating Circular No. 18, has been revised to reflect the changes effected by T reasury D epartm ent Circular No. 848 (R ev ised ). A cop y o f the revised operating circular is enclosed. Inquiries concerning this circular and its enclosures m ay be addressed to the A ccounting Departm ent, W ithheld T axes Section, F ederal R eserve Bank o f New Y ork, F ederal R eserve P.O. Station, N ew Y ork 45, N. Y . A dditional copies o f this circular and o f the enclosures will be furnished upon request. A llan S proul, P res id en t. R E G U L A T IO N S G O V E R N IN G T H E D E P O S IT W IT H FE D E R A L R E S E R V E B A N K S A N D D E P O S I T A R Y B A N K S O F E M P L O Y E R A N D E M P L O Y E E T A X E S U N D E R T H E FE D E R A L IN SU R A N C E C O N T R IB U T IO N S A C T ; IN C O M E T A X W IT H H E L D ON W A G E S U N D E R S E C T IO N 1622 O F T H E IN T E R N A L R EVEN U E C O D E ; A N D E M P L O Y E R A N D E M P L O Y E E TA X E S U N D E R T H E R A IL R O A D R E T IR E M E N T TA X ACT 1951 D epartm ent C ir c u l a r T N o . 848 (R evised) O -----------------Fiscal Service Bureau o f A ccou nts D epartm ent, of the Secretary, reasu ry f f ic e Washington, June 25, 1951. To Federal Reserve Banks, incorporated banks and trust companies, and others concerned: 1. Scope o f Regulations Pursuant to authority contained in Section 3310 (f) ( 2 ) o f the Internal R even u e C ode, as added b y Section 7 o f P u b lic L aw 271 (81st C ongress), approved A u gu st 27, 1949; Section 15 o f the Federal R eserve A ct, as am ended (U. S. C . title 12, sec. 3 9 1 ); Section 10 o f the A ct o f June 11, 1942 (U . S. C . title 1 2 , sec. 2 6 5 ); and Section 8 o f the Second L ib erty B on d A ct, as am ended (U . S. C . title 31, sec. 771), the follow in g regulations are h ereby prescribed, governing the handling and processing o f de posits m ade b y em ployers with Federal R eserve Banks and depositary banks, o f ( 1 ) incom e taxes w ithheld under Section 1622 o f the Internal R even u e C od e (Subchapter D o f C h apter 9 o f the Internal R even u e C o d e ); (2) em ployer taxes and em ployee taxes under the Federal Insurance C ontributions A ct, as am ended (Subchapter A o f C hapter 9 o f the Internal R even u e C o d e ); and (3) em ployer taxes and em ployee taxes u nder the R ailroad R etirem ent T a x A ct (Subchapter B o f C hapter 9 o f the Internal R even u e C o d e ). 2. D efinition o f Terms W h en used in this circular, the terms listed below shall have the follow ing m eaning, unless otherwise expressly stated: (а) “ Federal T a xes” shall m ean (1) incom e taxes withheld b y em ployers pursuant to Section 1622 o f the Internal R evenue C o d e ; (2) em ployer taxes under Section 1410 o f such C ode and em ployee taxes withheld under Section 1401 o f such C od e (Social Security em ploym ent ta xes); and (3) em ployer taxes under Section 1520 o f such C od e and em ployee taxes w ithheld under Section 1501 o f such C ode (R ailroad R etirem en t ta x es); ( б) “ Federal R eserve B an k ” shall m ean any o f the several Federal R eserve B anks, as fiscal agent o f the U nited States; (c) “ D ep ositary for Federal T a xes” shall m ean a designated bank o r trust com pa n y that has qualified, in accordance w ith the provisions o f D epartm en t C ircular N o . 848, dated N ovem b er 10, 1949, o r o f this revision thereof, to receive from em ployers deposits o f Federal Taxes, as defined above, and unless otherwise expressly stated the w ord “ d epositary” when used herein shall refer to a “ D ep ositary for Federal T a x es;” (d) “ D ep ositary receip t” shall m ean (1) U . S. T reasu ry D epartm en t F orm s 450 and 4 5 0 -A (R e v . Jan. 1951)— “ Federal D ep ositary R e ce ip t” , fo r use b y em ployers in m aking deposits o f withheld incom e taxes and Social Security em ploym en t taxes; and (2) U . S. Treasury D epartm en t F orm 515— “ R a il road R etirem ent D ep ositary R e ce ip t” , for use b y em ployers in m aking deposits o f R ailroad R etire m ent taxes. E xhibits o f a Federal D ep ositary R ece ip t and a R ailroad R etirem ent D ep osita ry R eceip t are shown as E xhibits B and C , respectively, o f this circular. 946695°—51 (1 ) 3. Authorization o f Federal Reserve Banks Pursuant to the a uthority contained in Section 3310 (f) ( 2 ) o f the Internal R evenue C ode and the Federal R eserve A ct, as am ended, the several Federal R eserve B anks, in their ca p acity as fiscal agents o f the U nited States, are h ereby authorized and directed, su bject to the provisions o f this circular, to receive from emploj^ers or other persons, hereinafter referred to as em ployers, deposits o f Federal Taxes and to perform such oth er functions as m a y be prescribed b y the Secretary o f the Treasury in con n ection w ith the handling and processing o f such tax deposits. T h e functions to be perform ed b y Federal Reserve Banks are outlined hereinafter, and will be described in detail, together w ith the detailed procedure to be follow ed in perform ing the required functions, in instructions to the Federal R eserve Banks. 4. Designation o f Banks Which M a y B e Qualified to A c t as Depositaries f o r Federal Taxes Pursuant to the a uthority contained in Section 3310 (f) ( 2 ) o f the Internal R even u e C ode, all insured incorporated banks, within the m eaning o f Section 10 o f the A c t o f June 11, 1942, and all uninsured incor porated banks and trust com panies designated as “ Special D epositaries o f P u b lic M o n e y s” under the provisions o f the A ct o f Congress approved Septem ber 24, 1917, as am ended, are h ereby designated, subject to the provisions o f this circular, as depositaries and financial agents o f the G overn m en t fo r receiving from em ployers deposits o f Federal T a xes; Provided, T h at no such bank or trust co m p a n y shall perform any o f the acts covered b y this designation until it has qualified, in the m anner herein prescribed, to so act. Banks and trust com panies that q ualify for the purpose o f receiving deposits o f Federal Taxes from em ployers will be know n as “ D epositaries for Federal T a x e s.” B anking institutions w hich have heretofore been designated as depositaries for withheld incom e taxes, in accordance with the provisions o f D epartm en t C ircular N o. 714, as am ended, or as despositaries and financial agents o f the G overn m en t for the perform ance o f certain classes o f fiscal duties, will be required to q ualify under the terms o f this circular in order to act as D epositaries fo r Federal Taxes. B anking institutions that have qualified as D epositaries for Federal Taxes, in accord an ce with the provisions o f D epartm ent C ircular N o . 848, dated N ovem b er 10, 1949, will not be required to requ alify in accordance w ith the provisions o f this revision o f D epartm en t C ircular N o. 848. Incorporated banks o r trust com panies located in the territories and insular possessions o f the U nited States, which are n ot insured banks w ithin the m eaning o f Section 10 o f the A c t o f June 11, 1942, bu t which are otherwise eligible for designation as depositaries or financial agents o f the U nited States, m a y be specifically designated b y the Secretary o f the Treasury under the A c t o f June 19, 1922 (U . S. C . title 31, sec. 473), governing depositaries outside o f the continental U nited States, to a ct as D epositaries fo r Federal Taxes, u pon qualification substantially in accordance w ith the provisions o f Section 5 hereof. Banks and trust com panies loca ted in the Territories o f Alaska and H aw aii should transm it applications fo r such designation to the Federal R eserve B an k o f San Francisco, and banks and trust com panies loca ted in P uerto R ico, the V irgin Islands, and the Panam a Canal Zone should transm it applications fo r such desig nation to the Federal R eserve B an k o f N ew Y ork . 5. Qualification o f Designated B anks as Depositaries f o r Federal Taxes A n y designated bank or trust com p a n y which desires to qualify, under the term s o f this circular, for receiving from em ployers deposits o f Federal Taxes w ithout com pensation for its services, should apply for qualification through the Federal R eserve B an k o f the district iD which it is located. Such application shall be m ade on A pplication-A greem ent, D ep ositary for Federal T axes (F orm N o . 469— R evised ), shown as E xh ib it A o f this circular. C opies o f this form and instructions regarding the application m a y be obtained from the Federal R eserve B ank. N o designated bank, which has m ade application fo r qualifica tion, shall a ct as a D ep ositary for Federal Taxes under the terms o f this circular until it receives from the Federal R eserve B ank n otice o f approval o f the application. U p on receipt o f such notice, each designated bank is hereby authorized to receive deposits o f Federal Taxes from em ployers. 2 6 . Procedure to be Followed by Depositaries f o r Federal Taxes There are outlined below the basic requirem ents o f the procedure that will be observed b y qualified Depositaries for-Federal Taxes w ith respect to deposits o f Federal Taxes. M ore detailed instructions will be furnished such depositaries, through the Federal R eserve Banks. (A ) D epositaries shall a ccept from em ployers, w ho desire to m ake deposits o f Federal Taxes with such depositaries, cash or rem ittances in the form o f check, m on ey order, etc., covering the am ount o f the Federal Taxes, accom panied b y an appropriate depositary receipt form on w hich the em ployer has inscribed, in ink or b y typew riter, his name, address, em p loy er’s identification num ber, and total am ount o f taxes; Provided, T h a t depositaries will n ot be required to, b u t m a y at their ow n risk, a ccept from em ployers funds w hich are n o t im m ediately available to the depositary at the tim e o f deposit. D epositaries shall n ot a ccept from em ployers any typ e o f depositary receipt form , accom pan yin g their rem ittances, oth er than the depositary receipt form s prescribed in this circular, and shall n ot a ccept Treasury Savings N otes or other p u b lic d e b t securities o f the U nited States as deposits of Federal T axes under this circular. (B ) I f requested to d o so b y em ployers, depositaries will issue a m em orandum o r cou n ter receipt to em ployers evidencing receipt o f funds b y the depositary. It is im portan t that m em orandum receipts issued b y depositaries clearly state that em ployers m ust n ot attach such m em orandum receipts to their tax returns as evidence o f deposit o f taxes, since on ly official depositary receipts, w hich have been validated b y a Federal R eserve B an k , will be accepted b y collectors o f internal revenue. A suggested form o f m em orandum receipt, w hich shall be p rovid ed b y the depositaries at their ow n expense, is shown as E xh ib it D o f this circular. (C ) D epositaries will endorse each depositary receipt in the space p rovid ed on the reverse thereof, indicat ing the nam e o f the depositary and the date on w hich the tax deposit was received b y the depositary. (D ) D epositaries shall forw ard daily to the Federal R eserve B an k o f their district the d epositary receipts inscribed b y em ployers, together w ith paym ent in funds im m ediately available at the Federal R eserve B an k p oin t or advice that funds have been credited in the Treasury T a x and L oa n A cco u n t o f the depositary, covering the aggregate am ount o f all Federal T a x deposits received during that day. (R egulations governing deposits in Treasury T a x and L oa n A ccou n ts are contained in Treasury D epartm en t C ircular N o. 92, R evised .) E ach transm ittal will be accom panied b y a transm ittal letter in the form prescribed b y the Federal R eserve B anks. I t is im portan t that the depositary re ceipts be forw arded daily in order that they m a y be validated b y the Federal R eserve B an k and returned directly to the respective em ployers w ith ou t delay, together w ith a blank d epositary receipt fo r the emploj^cr’s use in m aking his next deposit. (E ) D epositaries will establish, prior to transm ittal to the Federal R eserve B ank, an adequate record o f all deposits received from em ployers, so that the depositary will be able to iden tify deposits in the event depositary receipts are lost in shipm ent betw een depositaries and Federal R eserve B anks. F o r this purpose, it will on ly be necessary to m aintain a record o f the date o f paym ent, the em p loy er’s iden ti fication num ber and the total a m ou nt o f tax d eposit; therefore, copies o f m em orandum receipts and copies o f the d epositary’s transm ittal letter, if individual deposits and em ployers’ identification num bers are listed separately, cou ld be used to provide the necessary inform ation. 7. Issuance o f Replacement R eceipts; Inquiries From Em ployers In the event a depositary receipt, w hich has been validated b y a Federal R eserve Bank, is lost, stolen, or destroyed before it is forw arded to a collector o f internal revenue w ith the em ployer’s quarterly Federal tax return, the em ployer will be issued a replacem ent receipt upon proper application and sub m ission o f required evidence to the Federal R eserve B an k w hich validated the receipt. Such issuance o f replacem ent receipts will be governed b y requirem ents and procedure prescribed b y the Secretary of the Treasury. D epositaries should instruct em ployers to execute “ A pp lication for Issuance o f R ep lace m ent D epositary R eceip t,” indicating thereon the type o f taxes, the date and am ount o f deposit, em ploy - 3 er’s name, address, and identification num ber, and the serial num ber o f the validated depositary receipt, and should indicate whether deposit was m ade with the D epositary for Federal Taxes or directly w ith the Federal R eserve Bank. In the event an em ployer makes inquiry o f a depositary w ith respect to a deposit m ade with such depositary, for w hich he has n ot received a validated d ep ositaiy receipt from the Federal R eserve B ank, the depositary should furnish the required inform ation, stated in the preceding paragraph, to the Federal R eserve B an k to enable it to investigate the m atter. I f a d ep osita iy receipt w ith ou t the em p loyer’s identification num ber inscribed thereon is presented to a depositary b y an em ployer when he m akes his deposit o f Federal Taxes, the depositary should re quest him to inscribe the identification num ber in the space provided. In the event the em ployer has n ot been assigned an em ployer’s identification num ber, the depositary should nevertheless accep t the deposit. I f the em ployer has not m ade application for an identification num ber to the collector for his district, the depositary should request him to d o so. 8 . Termination o f the Qualification o f a D epositary f o r Federal Taxes T h e Secretary o f the Treasury m a y term inate at any tim e the qualification o f an y D epositary for Federal Taxes. Failure u pon the part o f a depositary to com p ly w ith the provisions o f this circular, and any am endm ents o r supplem ents thereof, o r w ith instructions issued pursuant thereto, m ay, in the discretion o f the Secretary o f the Treasury, con stitute grounds for term ination o f qualification. Like wise, any depositary m a y term inate its qualification upon formal n otice to the Secretary o f the Treasury, through the Federal R eserve B ank o f its district. 9. Treatment by Collector o f Internal Revenue o f Validated Depositary Receipts D eposits o f Federal Taxes m ade b y em ployers with D epositaries for Federal Taxes and Federal R eserve Banks shall be treated as paym ent o f such taxes to collectors o f internal revenue upon the filing o f the em p loyer’s quarterly tax return and the presentation therew ith to such collectors o f properly executed and validated depositary receipts. C ollectors o f internal revenue will deposit all such depositary receipts, as Internal R even ue collections, w ith the Federal R eserve B an k o f the district in which the collector’s head office is located. E ach such deposit shall be accom panied b y an appropriate certificate o f deposit w hich shall n ot include any class o f deposit oth er than depositary receipts. In any case in w hich a depositary receipt is deposited b y a collector o f internal revenue w ith a Federal R eserve B ank, and it is determ ined that the em ployer failed to p ay to a depositary or a Federal R eserve B ank the am ou nt stated thereon, the Federal R eserve B an k m a y return such item to the collector o f in ternal revenue, under procedure prescribed b y the Secretary o f the Treasury. 10. Functions To B e Performed by F'ederal Reserve Banks T h e fun ction s to be perform ed b y Federal R eserve B anks, as fiscal agents o f the U nited States, with respect to Federal T axes, will be prescribed in detailed instructions to such banks. T h e Federal R eserve Banks will perform such additional functions relating to the deposit o f Federal T a xes as m ay be required from time to time b y the Secretary o f the Treasury. In general, Federal R eserve Banks will: (A ) R eceive d irectly from em ployers deposits o f Federal Taxes, accom panied by inscribed depositary receipts, and establish appropriate accounting con trol for such deposits. T h e requirem ents upon em ployers w ith respect to inscribing d ep ositaiy receipts and use o f the prescribed receipt forms described in Section 6 (A ) o f this circular, shall be applicable to tax deposits m ade directly with Federal R eserve Banks. (B ) B e responsible for the qualification o f designated banks as D epositaries for Federal T axes and for the general supervision o f depositaries’ operations under such qualification. (C ) R eceive from depositaries rem ittances and inscribed depositary receipts, relating to tax deposits m ade w ith depositaries b y em ployers, and establish appropriate accounting con trol for such taxdeposits. 4 (D ) V alidate depositary receipts, relating to tax deposits m ade with depositaries, as well as directly with the Federal R eserve B ank, and return such validated receipts to em ployers, together with blank depositary receipt form s for use b y the em ployers in m aking their n ext deposit o f Federal Taxes. (E ) Perform the necessaiy functions to p rovide for crediting deposits o f Federal taxes in Treasury T ax and L oan A ccou n ts o f depositary banks, w ith respect to deposits o f such taxes m ade b y em ployers with banks acting in their ca p acity as D epositaries for Federal Taxes. (F ) R e ceive deposits o f validated depositary receipts from collectors o f internal revenue for appropriate credit and clearance in the central accou n ts o f the Treasury D epartm ent. (G ) Perform appropriate m atching and auditing functions to verify that the tax deposits, represented b y the depositary receipts deposited b y collectors o f internal revenue, were p reviously received b y the Federal R eserve B an k from depositaries or d irectly from em ployers. (H ) Issue replacem ent receipts, referred to in Section 7 hereof, for validated depositary receipts which are lost, stolen, or destroyed. 11. Amendment or Revocation o f Regulations T h e Secretary o f the Treasury m a y revoke o r amend any o r all provisions o f this circular at any tim e or from tim e to time. T h e provisions o f this circular shall b ecom e effective on J u ly 1 , 1951. J ohn W . Snyder Secretary o f the Treasury. 5 D epartm ent C ir c u l a r N o. 848 (Revised) EXHIBIT A Page 1 F o r m N o . 469 ( R e v i s e d ) TR EA SU R Y D E P A R T M E N T F is c a l S e r v ic e B t t r e a t - o f A c c o r N TS APPLIC A TIO N -A G R E E M E N T, DEPO SITARY FOR FEDERAL TAXES* T h e undersigned, a D esignated D ep osita ry and Financial A gen t o f the G overn m en t for receiving from em ployers deposits o f Federal Taxes, as defined in U nited States Treasury D ep artm en t C ircular N o. 848 (R ev ised ), h ereby makes application to q ualify pursuant to the provisions o f Section 6 o f that cir cular, to receive such deposits and agrees as follow s: 1 . T h e undersigned in the perform ance o f its duties as a “ D ep osita ry fo r Federal T a x e s,” as that term is defined in Section 2 o f U nited States T reasu ry D epartm ent C ircular N o . 848 (R ev ised ), will w ith ou t com pensation for its services co m p ly with all the requirem ents o f that circular and an y am end m ents o r supplem ents thereof and instructions issued pursuant thereto. 2. T h e provisions o f this agreem ent m a y be supplem ented, am ended, o r m odified a t an y time sub sequent hereto b y agreem ent in w riting betw een the undersigned and the Secretary o f the Treasury, as provided in the attached resolution o f its board o f directors. In W i t n e s s W h e r e o f , the undersigned has caused the signature o f its officer below -nam ed and its corporate seal d u ly attested to be affixed hereto t h i s _______________ ______________________d a y o f ________ ------------------------------------ , 19-----------, intending to be legally bou n d hereby. (Name of bank) [s e a l ] B y ---------------------------------------------------------------------(Signature and title of officer executing agreement) A tte s t__________________ ________________ (Signature and title) •The execution of this Application-Agreement must be authorized by resolution of the Board of Directors of the designated Depositary, a certified copy of which on Form 460 (Revised) must accompany this Application-Agreement. D e p a rtm e n t C ir c u la r N o. 848 (Revised) EXHIBIT A Page 2 F o r m N o . 460 ( R e v i s e d ) T R E A SU R Y D E P A R T M E N T F is c a l S e r v ic e B tjk e a u o f A c c o u n t s RESOLUTION AUTH ORIZING EXECUTION OF APPLICATION -AGREEM EN T, DEPOSITARY FOR FEDERAL TAXES h i s Is T o C e r t i f y , T h a t at a m eeting o f the B oard o f D irectors o f ___________________________________ ____________________ I ______________________________________________________________________________ , held on _________________________________ , 1 9 _______ , the follow in g resolution wras duly adopted: 1 . “ R e s o l v e d , T h a t * __________________________________________________________________________________ T o f this bank is h ereby authorized to execute on behalf o f this bank the ‘A pplication-A greem ent, D ep ositary for Federal T axes,’ Treasury D epartm ent F orm N o. 469 (R evised), such execution to be under seal and w ith the attestation of an officer o f this bank, other than an officer executing the Agreem ent. 2 . “ R e s o l v e d F u r t h e r , T h a t any o f such officers o f this bank is authorized to execute in similar form on behalf o f this bank such agreements to supplem ent, am end, o r m od ify the terms o f such ‘A p p li cation-A greem ent, D epositary for Federal T a x e s / as m ay from tim e to tim e be requested o r approved b y the Secretary o f the Treasury. 3. “ R e s o l v e d F u r t h e r , T h at any o f such officers o f this bank is hereby authorized to take any action on behalf o f this bank w hich m ay be required in connection w ith the perform ance o f its duties as a ‘D epositary for Federal T axes’ as that term is defined in Section 2 o f U nited States Treasury D epartm ent Circular N o. 848 (R ev ised ).” [S E A L ] ----------------------------------------------------------------------------------(Name and title of certifying officer**) ‘ Insert title(s) of authorized officer(s). **The officer certifying this resolution must have such authority. 7 Department Circular No. 848 (Revised) EXHIBIT B RURAL DSFOSITART RXCIIPI (fa c e ) employer's Id e n tifica tio n lumber Should be the 9 - d i g i t number appearing w ith the em ployer's name and address on the face o f the quarterly tax retu ra . Total Taxss Last S ix D ig its o f Im ployer's Id e n tifica tio n Number Compare th is number w ith the l a s t six d i g i t s o f your la p lo y e r 's id e n tific a tio n Number. I f the number printed by federal Reserve Bank in th is spacs i s in e r r o r , p lsa ss correct In Ink. FEDERAL 0 0 NOT STAPLE DEPOSITARY RECEI1 Combined t o t a l o f income tax withheld and f .I . C . A . t a x e s . (Should agree with amount o f rem ittance.) CONTRIBUTIONS IflO'IIS lOClHKilKN 00 NOT 76 -^ 198667_____ I- rO«* (PRINT-DO NOT WRITE) KE6EBVE •« RECEIPT VALIDATED iK ) DEPOSIT CREDITED III IOOUHI Of TREASURER Of U.S.: PoTart BnalnaasoiCgi-yorallflj STAPLE. 2891* Mldorada Street_______ S P IN D L E . W a s h in g to n 2 5 . D .C . ^ M U T IL A T E S E E REVERSE OF THIS FORM FOR INSTRUCTIONS S e ria l Humber I This number w i l l be*as«igned by fed e ral Rsserve Bark a t tin e o f v a lid a tio n . em ployers should sake record o f t h i s number f o r use In the event o f l o s t * t t o le n , or destroyed valid ated r e c e ip ts , S treet Address, C it y , Postal Zone, and State Naas o f Imployer Use address to which receip t i s to be returned a f t e r v alid ation by Federal Reserve Bank Use name as I t appeai* on the quarterly tax return. Receipt Validated and Deposit Credlted'1 In Account o f Treasurer o f U. S. V alidation o f r e ce ip t by federal Reserve Bank w i ll be made In t h l t a r e a , su b je ct to c o lie ctlO B o f employer's rem ittance. (R e v e rse ) INSTRUCTIONS TO EMPLOYERS DO NO T STAPLE ENDORSEMENT BY DEPOSITARY FOR FEDERAL TAXES OR FEDERAL RESERVE BANK 1. Filling out receipt fo r m : P rin t on fa ce o f receipt form SPACE FOR using pen or typew riter (a ) total taxes (com b in ed am ount o f incom e tax withheld and em ploym ent taxes under Federal Insurance C ontributions A c t ); (£ ) em ployer's identification num ber (nine-digit number appearing w ith th e em ployer's name and address on his quarterly tax return); and (c ) nam e o f em ployer and address to w hich this receipt should be returned after validation b y Federal Reserve Bank. T h e num ber printed o n left end o f receipt form should agree w ith last six digits o f em ployer’s identification num ber. I f printed num ber is in error, please correct in ink. IB M 1 50821 DO NO T M UTILATE Reserve Bank or depositary. Timeliness o f a deposit will be determ ined b y the date of receipt b y a Federal Reserve Bank or depositary, indicated b y the endorsem ent on the reverse o f the receipt form . 4. Validation o f receipts by Federal ReserOe B anks: Federal Reserve Banks will validate receipts a nd return them direct to em ployers. E m ployer should retain validated receipts until filing quarterly tax return, and enclose w ith return (d o not staple). E m ployer should keep a record o f vali da ted receipts t o enable him t o identify them in the event o f loss. 2. HoW to ma^c deposit: M a il filled-out receipt form , to gether w ith single rem ittance covering total taxes, to the Withheld Tax Department o f a n y parent Federal Reserve B ank o r m ail or deliver t o a n y com m ercial bank that is qualified as a D epositary for Federal Taxes. Rem ittances should be in the form o f check o r m oney order, payable to the Federal Reserve B ank, fo r deposits with a Reserve Bank, o r payable t o the com m ercial bank, fo r deposits with a com m ercial bank depositary. D epositary banks will forward receipt form s to Federal Reserve Banks fo r valida tion. 5. Inquiries and requests fo r replacement o f lost Validated receipts: Such inquiries and requests should b e directed to the depositary or Federal Reserve Bank w ith w hich the deposit w as m ade. E m ployer should state date of valida tion o f receipt, am ount o f deposit, nam e, address, em ployer’s identification num ber, and serial num ber o f receipt. In quiries and requests o f this nature should not be m ade of collectors o f internal revenue. R eplacem ent receipts will be issued b y Federal Reserve Bank w ith which deposit was made. 3. When to make deposits: D eposit taxes for the first 2 m onths o f a calendar quarter within 15 days after the close o f each m onth. D eposit taxes fo r the last las m onth o f a quarter on o r before the last day of the m onth following the close o f the guarter, or remit directly t o th e collector w ith tax return: in the latter case, retain blank depositary receipt form fo r use in m aking next deposit w ith a Federal 6. Obtaining blank receipt form s fo r next deposit: Federal Reserve Banks will forward a blank receipt form t o em ployer a t th e time the validated receipt is returned. D o not exchange blank receipts w ith other em ployers, since each such receipt is punched w ith your em ployer's number. Em ployer m ay secure additional blank receipt form s from Federal Reserve Banks, if required. U . S . G O V E R N M E N T P R IN T IN G O F F IC E 8 16----- 63469-1 D e p a rtm e n t C ir c u la r N o . 848 (Revised) EXHIBIT C (F a c e ) R A IL R O A D R E T IR E M E N T D E P O S IT A R Y R E C E IP T do FOR not EMPLOYER STAPLE AND EM PLOYEE N O T IC E F I L L IN A L L 50 '= ►O> I T E M S BELO W B E F O R E T O T A L TA > TO TAXES UNDER RAILROAD EM PLOYER M A K IN G O E P O S IT . R E T IR E M E N T TAX ACT F O R U S E B Y C O L L E C T O R O F IN T E R N A L RE VEN U E S E E IN S T R U C T IO N S O N R E V E R S E . E N T E R T H E C O M B IN E D A M O U N T O F E M ■ P L O Y E R A N D E M P L O Y E E T A X E S UN OER T H E R A IL R O A D R E T I R E M E N T T A X A C T . lii1 EMPLOYER'S I0EMTIFICATI0M HUMBER °2 EN TER ID E N T IF IC A T IO N NUM BER AS SH O W N ON YO U R O U A R T E R L Y R E TU R N I (F O R M 9 4 1 ). C O M P A R E L A S T S IX D IG IT S [ !l 3 TH IS TYPE OR P R IN T NAME AND 00 NOT W IT H N U M B E R P R IN T E D ON L E F T EN D O F F O R M . IF P R IN T E D N U M B E R ERROR, P LEA S E ADDRESS OF C O R R E C T. IS IN FOR USE BY . FEDERAL RESERVE BANK R E C E IP T V A LID A TE D AND D E P O S IT C R E D ITE D IN ACCO UNT OF TR E A S U R E R O F U .S . - EM P LO Y ER T •U F0L0, STAPLE. !;a 5 : SPINDLE. IUJ :w 6 fee; OR 27 b. M UTILATE u o A FTE R s 9F B R YOUR V A L ID A T E D R E C E IP T IS R E TU R N E D BY FEDERAL SERIAL NUMBER • 2 3 4 ;5 ! 6 7 ;i con. T .L . CREDIT DATE RESERVE BA N K , YOU M UST SEND IT TO TH E C O LLEC TO R TOTAL TAXES EMPLOYER NUMBER CODE NO. W IT H YO U R Q U A R T E R L Y R E TU R N - FO R M C T - I . s i # 11 12 |13 14 15 16 17 I I 19 20 21 22 23 24 25 26 27 29 29 30 31 32 33 34 35 3t 37 31 39 40 41 42 43 44 45 46 47 46 49 50 51 52 53 543 5 56 57 R8 59 6SI6I 62 W 64 6 5 i« 67|68 69:70 71 72173 74175 71 77171 79 (R everse) I N S T R U C T I ON S DO N O T S TA P L E 1. F i ll in g o u t r e c e ip t f o r m - P r in t o n fo c e o f re c e ip t TO fo rm , u s in g p e n o r t y p e w r i t e r ,( a )t o t o l t o j e s (c o m b in e d o m o un t o f e m p lo y e r ta x a n d e m p lo y e e ta x u n d e r th e R a i lr c o d R e t ire m e n t T o » A c t ); ( b ) % m p l o y e r 's id e n tif ic a tio n n u m b e r o s sh ow n o n q u a r t e r ly r e tu rn ( F o r m 9 4 1 ) , a n d ( c ) n a m e o f e m ployer o n d a d d re s s t o w h ic h th is r e c e ip t s h o u ld b e r e tu rn e d o f f e r v a lid a tio n b y t h e F e d e ra l R e s e r v e B a n k EMPLOYERS 4 . V a lid o t e d re c e ip ts D O N O T M U T IL A T E F e d e ra l R e s e r v e B a n k s w ill v a l i d a t e re c e ip ts a nd r e t u rn t h e m d ir e c t ly to e m p lo y e rs E m p lo y e r s h o u ld r e t a in v a lid a te d r e c e ip t s u n t il f ilin g his r e t u r n o n F o r m C T - I , o n d m u s t e n c lo s e t h e m w ith th e r e t u r n . E m p lo y e r s h o u ld k e e p o r e c o rd o f v a lid a te d re c e ip t s t o e n a b le h im to id e n t i f y t h e m in th e e v e n t o f loss 5 . In q u irie s o n d r e q u e s ts fo r 2 . H o w to m ake d e p o s it M a il f i l le d -o u t r e c e ip t f o r m , t o - g e t h e r w ith s in g le r e m itt a n c e c o v e rin g t o t a l t o x e s . t o th e W i t h h e ld T o x D e p o r t m e n t o f a n y p a re n t F e d e r a l R e se rve B a n k , o r d e liv e r or m a il t o a n y c o m m e r c ia l b a n k t h a t is q u a lif ie d a s a D e p o s i t o r y fo r F e d e ra l T a x e s R e m it t a n c e s s h o u ld be in t h e f o r m o f c h e c k o r m o n e y o r d e r , p a y a b le to th e f e d e r a l R e s e r v e B o n k , f o r d e p o s its w it h o R e s e r v e t ^ p n k , o r p o y o b le t o th e c o m m e rc ia l bank fo r d e p o s its w it h o 'c o m m e r c ia l b a n k d e p o s it a r y D e p o s i t o r y b a n k s w ill f o rw a rd r e c e ip t f o r m s t o F e d e ra l R e s e rv e B a n k s f o r v a l i d a t i o n . 3 . W h e n to m a k e d e p o s it s : D e p o s it s fo r oil th r e e m o n lh s o f a t c x - r e t u r n p e rio d m u s t be m a d e w i i h a F e d e ra l R e s e r v e B o n k o r a q u a lif ie d c o m m e r c ia l b a n k d e p o s ito ry D e p o s it s fo r t h e f i r s t tw o m o n t h s o f o t a x -r e t u r n p e rio d s h a ll b e m a d e w it h in fif te e n d a y s o ffe r t h e c lo s e of each s u c h m o n th D e p o s its fo r t h e lo s t m o n th o f o t o x -r e t u r n p e ri r e p la c e m e n t o f lo s t w h ic h th e d e p o s it w o s m o d e E m p lo y e r s h o u ld s t o le d a te o f v a lid a tio n o f r e c e ip t , a m o u n t o f d e p o s it , n a m e , a d d re s s, e m p lo y e r's id e n t if ic a t io n n u m b e r , a n d s e r ia l n u m b e r o f r e c e ip t In q u irie s ond r e q u e s ts o f t h is n a t u r e s h o u ld ' n o t b e m o d e o f c o lle c t o r s o f in t e r n a l re v e n u e R e p la c e m e n t re c e ip ts w ill be is s u e d b y F e d e ro l R e s e r v e B o n k w it h which d e p o s it w a s m o d e . 6 . O b t a i n in g b la n k r e c e ip t fo rm s fo r n e x t d e p o s i t . F e d e ro l R e s e r v e B o n k s w ill fo rw o r d a b la n k r e c e ip t fo rm t o e m p lo y e r o t th e t im e th e v a l i d a t e d r e c e ip t is re tu rn e d . D o n o t e x c h o n g e b la n k r e c e ip t s w it h o th e r e m p l o y e r s , s in c e e a c h s u c h r e c e ip t is p u n c h e d w it h y o u r e m p lo y e r's n u m b e r. E m p l o y e r m o y s e c u re a d d i t i o n a l b la n k r e c e i p t f o rm s f r o m F e d e ra l R e s e r v e B a n k s , if r e q u ir e d . o d s h a ll be m a d e o n o r b e fo re th e lo s t d a y o f th e m o nth f o llo w in g th e c lo s e o f s u c h p e rio d (See E xhibit B for detailed instructions to em ployers fo r filling ou t depositary receipt form s.) 9 v o li- d a te d re c e ip ts S u c h in q u irie s a n d r e q u e i t s s h o u ld be d i rected to the d e p o s i t o r y o r F e d e ro l R e s e r v e B o n k w i t h D e p a rtm e n t C ir c u la r N o . 848 (Revised) EXH IBIT D SUGGESTED F O R M OF M EM O R AN D U M O R COUNTER RECEIPT (D ate) This Certifies that funds in the am ount shown have been received from the em ployer nam ed, coverin g Federal Taxes, as defined in Treasury D ep art m ent C ircular N o. 848 (R ev ised ), to be transm itted or credited to the Federal R eserve B ank o f _________________________________________ , as Fiscal A gen t o f the U nited States, pursuant to the provisions o f Treasury D epartm ent C ircular N o. 848 (R evised). $ ___________________ (A m o u n t) ___________________________________________ _ (E m p lo y e r ’ s nam e a n d iden tification nu m ber) (N am e o f ban k) (E m p lo y e e o f ban k FOR M E M O R A N D U M USE O N L Y — D O N O T A T T A C H T O Y O U R TAX R ETU R N 10 U . S. G O V E R N M E N T P R IN T IN G O F F IC E : I 9 S I
@FedFRASER