Rev. Proc. 74-42

SECTION 1. PURPOSE.

The purpose of this Revenue Procedure is to obsolete Revenue Procedure 71-18, 1971-1 C.B. 684.

SEC. 2. BACKGROUND.

Revenue Procedure 71-18 provided a unified magnetic tape format for the reporting of Forms W-2, Wage and Tax Statement (Copy A), and Forms 941, Schedule A, Quarterly Report of Wages Taxable Under the Federal Insurance Contributions Act, to Federal agencies with an option to use the same format for State reporting requirements.

The reporting requirements provided for by Revenue Procedure 71-18 have been modified and incorporated into the Social Security Administration Publication TIB3, Magnetic Tape Reporting: Submitting wage and tax data to Federal and State agencies (June, 1974).

SEC. 3. GENERAL INFORMATION.

Taxpayers wishing to take advantage of this magnetic media reporting program may obtain copies of TIB3 as well as additional information from their local Social Security Administration District Office.

Adherence to the specifications contained in TIB3 witth regard to filing of Forms W-2 (Copy A), and Forms 941, Schedule A, satisfies the requirements of Part I, sections 6041 and 6051 of the Internal Revenue Code of 1954, section 1.6041-1 of the Income Tax Regulations, and section 31.6051-1 of the Employment Tax Regulations.

SEC. 4. EFFECT ON OTHER DOCUMENTS.

Revenue Procedure 71-18, 1971-1 C.B. 684, is obsoleted.

SEC. 5. EFFECTIVE DATE.

This Revenue Procedure is effective October 15, 1974, the date of publication in the Internal Revenue Bulletin.