The Bulletin Index-Digest System & Highlights Summaries

Deposits

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

Notice 99–42 from IR Bulletin No. 1999-35
Federal tax deposits; payments; magnetic media. This notice advises taxpayers of the termination of the Internal Revenue Service magnetic tape program for the reporting of federal tax deposits and certain established income tax payments effective with respect to deposits or payments made after January 31, 2000.

T.D. 8828 from IR Bulletin No. 1999-30
Final regulations under section 6302 of the Code relate to the deposit of Federal taxes by electronic funds transfer (EFT).

T.D. 8822 from IR Bulletin No. 1999-27
Final regulations under section 6302 of the Code adopt the rules of temporary regulations that change the deminimis deposit rule for quarterly and annual return periods from $500 to $1,000.

Notice 99–20 from IR Bulletin No. 1999-17
Electronic funds transfer; failure to deposit penalty. Taxpayers are informed that beginning July 1, 1999, certain taxpayers that deposited more than $200,000 in aggregate federal depository taxes during calendar year 1998 will be subject to the 10-percent failure to deposit penalty under section 6656 of the Code if those taxpayers fail to make de-posits by electronic funds transfer. The Service will not, how-ever, impose the section 6656 penalty on taxpayers that did not deposit more than $200,000 in aggregate federal depository taxes during calendar year 1998 solely for the failure to deposit by electronic funds transfer.

REG–100729–98 from IR Bulletin No. 1999-14
Proposed regulations under section 6302 of the Code relate to the deposit of Federal taxes by electronic funds transfer (EFT). A public hearing is scheduled for May 11, 1999.

Notice 99-12 from IR Bulletin No. 1999-09
Electronic funds transfer; failure to deposit penalty. This notice provides guidance relating to the waiver of the failure to deposit penalty under section 6656 of the Code for certain taxpayers first required to make federal tax deposits by electronic funds transfers beginning on or after July 1, 1996.

Rev. Proc. 99-10 from IR Bulletin No. 1999-02
Failure to deposit federal tax; penalties. This procedure describes how a taxpayer may designate the application of its federal tax deposits for a particular return period in order to minimize the failure-to-deposit penalty under section 6656 of the Code with respect to deposits required to be made after January 18, 1999.

T.D. 8740 and REG-102894-97 from IR Bulletin No. 1998-03
Temporary and proposed regulations under section 6302 of the Code relate to the availability of the safe harbor deposit rule based on look-back quarter liability and affect persons required to make deposits of excise taxes.

Notice 97-15 from IR Bulletin No. 1997-08
The Service intends to modify section 40.6302(c)1 (c)(2) of the Excise Tax Procedural Regulations to provide that the availability of the safe harbor deposit rule based on look-back quarter liability is limited in cases where a new excise tax is enacted or an expired excise tax is reinstated.

DEPOSIT OF FEDERAL TAXES

Notice 98-36 from IR Bulletin No. 1998-29
T.D. 8685, 1996-2 C.B. 174, relating to the deposit of excise taxes, is amended.

Announcement 97-124 from IR Bulletin No. 1997-52
The Service will extend the due date for federal tax deposits due to the extra federal holiday.

ELECTRONIC FUNDS TRANSFER (EFT)

T.D. 8723 IR from IR Bulletin No. 1997-30
Final and temporary regulations under section 6302 of the Code relate to the deposit of federal taxes by electronic funds transfer (EFT).

ELECTRONIC FEDERAL TAX PAYMENT SYSTEM (EFTPS)

Rev. Proc. 97-33 from IR Bulletin No. 1997-30
Tax forms and instructions. Information is provided to taxpayers about the Electronic Federal Tax Payment System (EFTPS). EFTPS is an electronic remittance system for making federal tax deposits and federal tax payments.

FAILURE-TO-DEPOSIT PENALTY

Notice 98-14 from IR Bulletin No. 1998-08
Failure to deposit federal tax; penalty abatement. An interim procedure is provided for use by taxpayers to request abatement of the failure-to-deposit penalty when the manner in which the Service applies deposits produces multiple failure-to-deposit penalties as a result of a single failure to deposit.

Notice 97-43 from IR Bulletin No. 1997-30
This notice provides guidance relating to the waiver of the failure-to-deposit penalty for certain taxpayers required to begin using electronic funds transfer on or after July 1, 1997.

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