Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.203.1 Scope

The regulations in this part govern the processing by financial institutions of electronic and paper-based deposits and payments of Federal taxes;  the operation of the Treasury Tax and Loan (TT & L) program;  the designation of TT & L depositaries;  and the operation of the investment program. A financial institution may participate in the TT & L program by participating in the investment program or by accepting Federal tax payments, or both. A financial institution that accepts Federal tax payments may do so through the paper tax system (PATAX), or Electronic Federal Tax Payment System (EFTPS), or both. However, a financial institution is not designated as a TT & L depositary if it only processes EFTPS payments.