The IRS will reject tax checks over $99,999,999, so don’t even try
WASHINGTON — 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.
Apparently, people sending huge checks to the federal government is a growing problem.
The Treasury Department says it has noticed an increase in federal agencies trying to deposit checks of $100 million or more. This year, the IRS accepted 14 checks for more than $99,999,999.
Each year, the IRS tracks the 400 taxpayers with the highest incomes. These high rollers had an average income of nearly $336 million in 2012, the latest year for data. Their average tax bill was $56 million. Read more…
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