Tag: irs

IRS Will Refuse To Accept Checks Of 100 Million Dollars Or More

By Darren Smith, Weekend Contributor

160px-IRS.svgThe Internal Revenue Service made new policy that it will no longer accept checks greater than 99,999,999.99. That’s right, the IRS is refusing a payment method from large corporations or billionaires. With the public debt growing at worrying rates, one would think they would take any money they can get. They certainly are all the more willing to accept checks form lesser beings such as average citizens and small businesses. Your author, however, is still accepting very large checks from anyone wishing to make a donation.

Reportedly, processing equipment at the Federal Reserve is unable to handle checks of the prohibited value, requiring clearing by hand. Also, in memos between the IRS and the Treasury it is claimed that such transactions would be subject to fraud, error, and theft. Realistically it shows a flaw in the federal system and harks of outdated equipment and software.

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