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Federal Tax Deposit Coupon Changes

The Department of the Treasury, Internal Revenue Service has recently issued a proposed regulation that provides the Federal Tax Deposit coupons will no longer be accepted by any financial institution as of January 1, 2011. Below you will find important information to help you with this change.

• Purdue Federal Credit Union will stop processing all Federal Tax Deposit coupons effective 12/31/2010.

• If you do not already have a log in for the Electronic Federal Tax Payment System (EFTPS) you will receive a packet with the explanation of the change, your PIN, and a brochure titled “How to Activate Your EFTPS Enrollment.”

• The EFTPS site is a free service provided by the U.S. Department of the Treasury and is accessible 24/7 to schedule your payment when it is convenient for you. You should schedule all payments at least one calendar day prior to the tax due date.

• When authorizing a payment with EFTPS, it will be processed as an Automated Clearing House (ACH) item. If there are insufficient funds when the payment is presented, EFTPS will not present the item for a second attempt to collect the payment.

• If you need to do a same-day wire request, you must contact Purdue Federal by noon the day of the wire is to be sent. If the wire is not received by EFTPS by 5:00 p.m. it will be rejected and returned. This could result in late payment and possible penalties. There is a Taxpayer Worksheet to help aid in capturing all of the correct information needed to send a wire for your federal tax payments. Purdue Federal can provide you with a copy of this form. Contact our Accounting Operations Department at 765.497.3328, extension 1725, for a copy of the worksheet and to help facilitate your wire request.

• Bill Pay methods (such as Purdue Federal’s “ePay”) are not appropriate methods to send your federal tax payment. There can be delays in processing that may result in penalties.

• If you cannot log into the EFTPS website, you may call 800.555.3453 to make your payment.

• Questions may be directed to specific areas in EFTPS: EFTPS Customer Service for businesses at 800.555.4477 and EFTPS Customer Service for individuals at 800.316.6541. You may access the EFTPS website at www.eftps.gov.

Unlawful Internet Gambling Enforcement Act

Federal law requires that Commercial / Business members be provided with this notice.

The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Department of Treasury and the Federal Reserve Board have issued a joint final rule, known as Regulation GG, to implement the Act.

As defined by Regulation GG, unlawful Internet gambling means “to place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet, where such bet or wager is unlawful under any applicable Federal or State Law or Tribal lands in which the bet or wager is initiated, received or otherwise made”.

As a commercial / business member of Purdue Federal, please be advised, Regulation GG prohibits certain transactions from being processed through your commercial account or banking relationship with Purdue Federal. Restricted transactions generally include, but are not limited to, those in which credit and debit card payments, electronic funds transfers, checks or drafts are knowingly accepted by gambling businesses in connection with the participation of others in unlawful Internet gambling. If an attempt is made to process restricted transactions through your Purdue Federal account, these transactions will be declined.

For more information regarding the ruling, please refer to the following:
www.federalreserve.gov/regulations
www.ustreas.gov