§ 203.3. TT depositaries.
132 words·~1 min read·
/us/cfr/t31/s§ 203.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A financial institution that participates in PATAX and/or the investment program must be a TT depositary. There are three kinds of TT depositaries. A collector depositary is a TT depositary that accepts paper Federal tax payments and also may accept electronic Federal tax payments, but does not accept direct investments or SDIs. A retainer depositary is a TT depositary that accepts electronic and/or paper Federal tax payments and retains a portion ofthe tax deposits in its TIP main account balance.
An investor depositary is a TT depositary that accepts direct investments, SDIs, or dynamic investments and may accept electronic and/or paper Federal tax payments and retain a portion of those tax deposits. Collector, retainer, and investor depositaries may accept term investments. Retainer and investor depositaries do not have to participate in PATAX.