Rev. Proc. 66-48

SECTION 1. PURPOSE.

The purpose of this Revenue Procedure is to modify the procedures prescribed in Revenue Procedure 63-29, C.B. 1963-2, 768, as it pertains to the requirement for filing Forms 1096, U.S. Annual Information Return, and Forms 1099, U.S. Information Return for Calendar Year ____, by taxpayers who prepare Forms 1099 in large numbers and in different locations, such as branch offices.

SEC. 2. BACKGROUND.

The procedures generally to be followed by payers having multiple business locations in the United States are set forth in Revenue Procedure 63-29, which provides that such payers must consolidate their Forms 1099 and file them with a single Form 1096 attached, from one central location, and in one shipment.

SEC. 3. PROCEDURE.

In order to facilitate the processing of information returns prepared for foreign branches of United States banks, the returns (Forms 1096 and 1099) filed for foreign branches, reporting payments of interest by such foreign branches to depositors, may be filed independently of the information returns of the domestic bank. Such returns should be filed with the same Internal Revenue Service Center at which the domestic bank files its information returns and the Form 1096 should contain the statement "Foreign Branch Payments" at the top of the form.

SEC. 4. EFFECT ON OTHER DOCUMENTS.

Revenue Procedure 63-29, C.B. 1963-2, 768, is hereby modified to reflect the foregoing procedure.

SEC. 5. INQUIRIES.

Inquiries concerning this Revenue Procedure should refer to its number and be addressed to the Office of the Assistant Commissioner (Data Processing), Attention: D:O, Internal Revenue Service, Washington, D.C. 20224.