The tax/loan account does reside at the Fed, but is outside the banking system. It is not high power money that is required to be counted as part of the money stock (M1-M2). Its entries are accounting entities only. The Federal Reserve Act requires that the account be sufficient to equal spending before spending can take place, but that doesn’t mean the spending comes from the account. It is the only reason bonds are still issued and was originally intended to protect the gold reserve by forcing Treasury to draw down existing reserves via bond sales to cover any spending that would cause the money stock to exceed the value of the gold reserve.

When you pay federal taxes your bank account (assuming you pay from your bank) is reduced by the amount of the payment and reserves are deleted from your bank's reserve account. There is no further transfer of “money” to any account from which Treasury can spend. The money was effectively destroyed by the negative debt entry made when the money was created. They cancel each other out whenever high power money enters the government sector.

“ALL” spending at the federal level is funded with new dollar creation by Congress instructing the Fed to mark up Treasury accounts as needed. Neither taxes nor bond receipts are ever “revenue” for spending, but simply reduce the stock of high power money. Actual high power money doesn’t exist in the government sector and is only created when the Fed transfers Treasury payments to satisfy billing by beneficiaries of Federal spending. This was very important when we used a gold reserve and it takes place many times daily, as does selling of bonds and redeeming them at maturity. It is also the reason the Federal Reserve was created as a semi-private institution that is fully controlled by Congress and the Executive.