No checks, please: IRS no longer takes checks for $100M

[mahatmakanejeeves]

Think of all the frequent flyer miles you'd get if you put it on plastic.

No checks, please: IRS no longer takes checks for $100M

Tribune wire reports
Associated Press
September 14, 2015, 9:07 AM

Owe the tax man $100 million or more? Your check is no good at the IRS.

Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that big.

Checks of $100 million or more have to be processed by hand, increasing the risk of theft, fraud and errors, according to a pair of memos from the IRS and the Treasury Department.

As a result, the richest among us will have to wire their tax payments electronically. Or write multiple checks for less than $100 million apiece.

[underpants]

1. The technology at the IRS is dreadfully lacking

That's the only thing we really learned from the Rightwing IRS hoax.

[bluedigger]

2. Duly noted.

I'll prepare this year's filing accordingly. Thanks for the "heads up", my good man!

[RKP5637]

3. Thanks for the info. I'll have to remember this!

[skamaria]

4. Guess I'll have to write two!

For fifty mill apiece.

[dhol82]

5. And this is a problem for how many people?

The IRS could have probably sent a personal letter to those few.

[OriginalGeek]

7. Hi Bill, this is the IRS

Could we get that in xboxes?

[jmowreader]

6. This is a problem?

The IRS requires taxpayers with income this high to file electronically...why would you file electronically but pay by check?

[sharp_stick]

8. Well screw em' then.

Each check I write costs me a buck. If they think I'm going to write them two checks they've got another thing coming.

Bastards!

[whatthehey]

9. Long long ago I had a temp gig processing quarterly return checks for the IRS

I never saw one that size but I did see a handwritten one for 23,000,000 from a chap called Brown in the Dallas area (I hope that's vague enough to not run afoul of disclosure issues, especially as I can';t recall any more details and it was well over 20 years ago.) I mentioned it to the local supervisor and he said that that really wasn't the top of the pile even for that office.

The process was a 3 shift very manual human-driven one at the time. It may or may not have changed.

Some people are fortunate indeed. Mr Brown was clearly one such. If he's still around and given wealth concentration, he may very well be affected by this and get to rest his pen from now on.

[KamaAina]

10. Do they take cash?

[Lee-Lee]

11. Like anyone with that much money ever pays that much in taxes

Anyone who could write a check that big has all the best lawyers and accountants making sure they they never have to.

[former9thward]

13. Mark Zuckerberg paid 1.1 billion in taxes in 2012

Not many but there are a few who write checks of that size.

http://press-releases.ultratrust.com/mark-zuckerberg-largest-tax-payer-in-us-history.html

[Blue Owl]

12. Anything above that = hush money

n/t