Wisconsin Administrative Code
Department of Revenue
Chapter Tax 1 - General Administration
Section Tax 1.16 - Financial record matching program
Universal Citation: WI Admin Code ยง Tax 1.16
Current through August 26, 2024
(1) PURPOSE. The purpose of this section is to specify procedures under which the department shall enter into agreements with financial institutions doing business in this state to operate the financial record matching program under s. 71.91(8), Stats.
(2) DEFINITIONS. In this section:
(a) Pursuant to s.
71.91(8) (a) 1, Stats., "account" means a demand
deposit account, checking account, negotiable withdrawal order account, savings
account, time deposit account, or money market mutual fund account.
(b) "Financial institution" has the meaning
given in s.
49.853(1) (c), Stats.
(3) PROCEDURES.
(a) A financial institution doing business in
this state shall enter into an agreement with the department to participate in
the exchange of data on a quarterly basis. To the extent feasible, the
information required under this agreement shall be submitted by electronic
means prescribed by the department. The financial institution shall sign the
agreement and return the agreement to the department within 20 business days of
receipt of the agreement. The department shall review the agreement and, if all
conditions have been met, shall sign the agreement and provide the financial
institution with a copy of the signed agreement. Any changes to the conditions
of the agreement shall be submitted by the financial institution or the
department at least 60 days prior to the effective date of the
change.
(b) A financial institution
shall elect one of the following options for the exchange of data described in
par. (a):
1. `State matching option.' This
option is also known as the "all accounts method." If this option is elected,
the agreement described in par. (a) shall include the following:
a. The financial institution agrees to
provide an electronic file to the department or department's agent on a
quarterly basis. The file contains the name, social security number or federal
employer identification number of all persons having an ownership interest in
an account maintained at the financial institution, together with a description
of each person's interest.
b. The
department or department's agent will perform a match against the delinquent
debtor file. Upon the request of the department or the department's agent, the
financial institution shall provide the department, for each delinquent debtor
who matches information provided by the financial institution under subd. 1.
a., the delinquent debtor's address of record, account number, account type and
the balance of the account.
c. The
department or department's agent agrees not to disclose or retain information
received from the financial institution concerning account holders who are not
delinquent debtors.
2.
`Financial institution matching option.' This option is also known as the
"matched accounts method." If this option is elected, the agreement described
in par. (a) shall include the following:
a.
The department or department's agent agrees to provide the financial
institution an electronic file on a quarterly basis. The file contains the
names and social security numbers or federal employer identification numbers of
delinquent debtors.
b. The
financial institution agrees to return a file of matched records to the
department or department's agent. The return file of matched records contains
the delinquent debtor's name, social security number or federal employer
identification number, address of record, account number, account type, the
nature of the delinquent debtor's ownership interest in the account and the
balance of the account at the time that the record match is made.
c. The financial institution agrees not to
disclose or retain information received from the department or the department's
agent concerning information contained in the delinquent debtor file in
accordance with s.
71.91(8) (e), Stats.
(c) A financial institution may request
reimbursement from the department for costs associated with participating in
the financial record matching program in an amount not to exceed $125 for each
calendar quarter that the financial institution participates in the
program.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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