Request for Information on Impact To Discontinue Use of Magnetic Tape for Federal Tax Deposits

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Request for Information on Impact To Discontinue Use of Magnetic

Tape for Federal Tax Deposits

SUMMARY: This announcement requests current transmitters of tax payment

information through the Federal Tax Deposit System on magnetic tape to

send their comments to the Internal Revenue Service (IRS) on the impact

of eliminating this program for tax periods beginning after December

31, 1999.

Background

The North American Free Trade Agreement Implementation Act (NAFTA)

mandates that the Secretary of the Treasury (Secretary) phase-in the

collection of a minimum percentage of certain types of depository taxes

by electronic funds transfer (EFT) and develop and implement an EFT

system for the collection of such taxes. The Secretary has delegated

responsibility to the IRS for the former and to the Financial

Management Service (FMS) for the latter. The IRS is responsible for

identifying the actions necessary to reach the minimum percentage

requirements. Elimination of magnetic tape for federal tax deposits is

one of the steps needed to achieve those goals. Please submit your

comments in writing to Melvyn S. Barkin by March 5, 1999, on the impact

of discontinuing the submission of magnetic tape for federal tax

deposits.

[[Page 6740]]

ADDRESSES: Questions or concerns should be directed to Melvyn S. Barkin

at IRS, Electronic Tax Administration, Electronic Programs Operations

Office, OP:ETA:O:F, New Carrollton Federal Building, 5000 Ellin Road,

C4-353, Lanham, MD 20706 via E-mail at [email protected] or

faxed to (202) 283-7434 ATTN: Melvyn S. Barkin.

Approved:

Terence H. Lutes,

National Director, Electronic Program Operations Office, Electronic Tax

Administration.

[FR Doc. 99-3281 Filed 2-9-99; 8:45 am]

BILLING CODE 4830-01-U