Rev. Proc. 83-90

SECTION 1. PURPOSE

.01 The purpose of this revenue procedure is to provide instructions to railroad employers on wire transferring Railroad Retirement Tax Deposits.

SEC. 2. BACKGROUND

.01 The Railroad Retirement Solvency Act of 1983 (Pub. L. 98- 76, 97 Stat. 426, page 375, this Bulletin) mandated changes to the deposit rules applicable to railroad retirement taxes so that such rules will coincide with the deposit schedules which apply to non- railroad employers. To insure that the Railroad Retirement Account does not suffer the loss of interest income due to delays in transferring payroll tax deposits to the account, the House Ways and Means Committee requested that, in accelerating the deposit schedule, employers making relatively large deposits of railroad retirement taxes use the Treasury Financial Communication System when depositing such taxes. H.R. Rep. No. 98-30, Pt. 2, 98th Cong., 1st Sess. 30 (1983). This revenue procedure provides instructions for making those deposits. Relatively large railroad employers will be required beginning on January 1, 1984, to make their railroad retirement tax deposits by means of wire transfer. This allows Treasury to credit and invest funds to the account of the Railroad Retirement Board earlier than would otherwise be the case.

SEC. 3. SCOPE

01. Beginning January 1, 1984, the wire transfer of taxes is required if the aggregate amount of taxes under section 3202 and 3221, with respect to an employer, equal or exceed $1,000,000 for the calendar year two years prior to the current calendar year. This revenue procedure is a guide for making these transfers.

SEC. 4. APPLICATION

All payors must provide specific information to their bank so that a funds transfer message can be transmitted. The following is a funds transfer message format and a description of each item on the funds transfer message: