Rev. Rul. 66-231

Under section 31.6302(c)-1 of Employment Tax Regulations, as amended by Treasury Decision 6884, C.B. 1966-1, 274, employers having more than $4,000 in payroll taxes in any month of the preceding calendar quarter, are required to make semimonthly deposits of these taxes in a Federal Reserve Bank or a designated commercial bank. Included in each semimonthly deposit are those payroll taxes which relate to the wages which were paid in that semimonthly period. Deposits are required to be made within three banking days after the 15th and the last day of each month.

The Employer's Quarterly Federal Tax Return, Form 941, for a calendar quarter shall be filed on or before the last day of the first month following the quarter for which the return is made. However, if an employer makes timely deposits to pay his full tax liability, the return may be filed on or before the tenth day of the second calendar month following the return period. See section 31.6071(a)-1 of the regulations.

Held , that deposits for the month of June 1966 will be timely, for purposes of the extended period for filing a return, only if (1) the deposit for the first semimonthly period was made on or before June 20th; (2) the deposit for the second semimonthly period was made on or before July 6th; and, (3) if either or both deposits were made on an estimated basis, the total underpayment was deposited on or before August 1st, since July 31st falls on a Sunday.

¹ Based on Technical Information Release 825, dated June 29, 1966.