No checks, please: IRS no longer takes checks for $100M
WASHINGTON (AP) — 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.
Conservatives have been complaining for years that President Barack Obama is trying to stick it to the rich, regularly proposing to raise their taxes. Now, they say, the Obama administration is making it harder for the super-rich to pay those taxes.
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Posted on Tue, September 15, 2015
by Associated Press