Wholesale payments, which have been growing rapidly in recent years, move over two systems: the Fedwire electronic funds transfer
system operated by the Federal Reserve and the Clearing House Interbank Payments System (CHIPS) operated by the New York Clearing House.
6302(h) requires that certain taxes be deposited by means of electronic funds transfers
Recommendation: Enhance the procedure for processing requests for electronic funds transfers. Attaching Form 8302 to the back of a lengthy tax return is not the most efficacious manner of notifying the IRS of a request for EFT.
Problem: Form 8302 (Application for Electronic Funds Transfer of Tax Refund of $1 Million or More) permits taxpayers to obtain a tax refund by electronic funds transfer (EFT).
E-mail, electronic funds transfers
and electronic publishing all fall under the electronic commerce rubric.
Pillsbury has been part of the government's electronic funds transfer
payroll system since 1994, which means withholding amounts are sent electronically to the government when due.