COMPTROLLER'S SEAL STATE OF CONNECTICUT
STATE OF CONNECTICUT
NANCY WYMAN
COMPTROLLER
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MARK OJAKIAN
DEPUTY COMPTROLLER

MEMORANDUM NO. 96-49

October 11, 1996

TO THE HEADS OF ALL STATE AGENCIES

Attention:Chief Administrative and Fiscal Officers, Business
Managers, and Payroll and Personnel Officers
Subject:Update on Federal Tax Deposits by Electronic Funds Transfer
  1. PURPOSE

    The purpose of this memorandum is to update information contained in Comptroller Memorandum No. 95-4, dated January 20, 1995, entitled "Federal Tax Deposits by Electronic Funds Transfer."

  2. AUTHORITY

    Public Law 104-188, signed into law on August 20, 1996, has a provision relating to the deposit of federal taxes by electronic funds transfer (EFT).

  3. DELAY IN IMPLEMENTATION OF 1997 REQUIREMENT

    The provision in Public Law 104-188 delays for six months the deadline for beginning deposits by EFT for taxpayers who made more than $50,000 in applicable federal tax deposits in 1995. The requirement was to take effect on January 1, 1997, but now will be effective July 1, 1997.

    Threshold Amount Determination
    Period
    Applicable
    Effective Date
    $ 50 thousand1-1-95 to 12-31-95July 1, 1997
    $ 50 thousand1-1-96 to 12-31-96 January 1, 1998
    $ 20 thousand1-1-97 to 12-31-97 January 1, 1999

  4. QUESTIONS

    If you have any questions regarding this matter please contact the Policy Evaluation and Review Division at 702-3440.

NANCY WYMAN
STATE COMPTROLLER

Back to Comptroller's Home Page
Back to Index of Comptroller's Memoranda