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Hope Nobody Violated This New Rule
Old 04-08-2017, 08:18 PM   #1
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Hope Nobody Violated This New Rule

Just noticed this today on my 1040V. Thought it might an April Fool's joke by some prankster at IRS but apparently the online form shows it too.
https://www.irs.gov/pub/irs-pdf/f1040v.pdf

"No checks of $100 million or more accepted. The IRS
can’t accept a single check (including a cashier’s check)
for amounts of $100,000,000 ($100 million) or more. If you
are sending $100 million or more by check, you will need
to spread the payments over two or more checks, with
each check made out for an amount less than $100 million."
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Old 04-08-2017, 08:32 PM   #2
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Aren't they going to get into trouble for staging?!?

Oops - structuring!
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Old 04-08-2017, 08:40 PM   #3
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Aren't they going to get into trouble for staging?!?
Structuring. https://en.wikipedia.org/wiki/Structuring
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Old 04-08-2017, 09:10 PM   #4
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Originally Posted by kaneohe View Post
Just noticed this today on my 1040V. Thought it might an April Fool's joke by some prankster at IRS but apparently the online form shows it too.
https://www.irs.gov/pub/irs-pdf/f1040v.pdf

"No checks of $100 million or more accepted. The IRS
can’t accept a single check (including a cashier’s check)
for amounts of $100,000,000 ($100 million) or more. If you
are sending $100 million or more by check, you will need
to spread the payments over two or more checks, with
each check made out for an amount less than $100 million."
No idea if it's true but;
The IRS, and many US government systems are quite old, COBOL based, with many fixed length input lengths. (Been there and done that).

Unlike private industry the government can get away with upsetting high worth individuals.
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Old 04-08-2017, 09:46 PM   #5
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Quote:
Originally Posted by kaneohe View Post
Just noticed this today on my 1040V. Thought it might an April Fool's joke by some prankster at IRS but apparently the online form shows it too.
https://www.irs.gov/pub/irs-pdf/f1040v.pdf

"No checks of $100 million or more accepted. The IRS
can’t accept a single check (including a cashier’s check)
for amounts of $100,000,000 ($100 million) or more. If you
are sending $100 million or more by check, you will need
to spread the payments over two or more checks, with
each check made out for an amount less than $100 million."
I recently implemented the same rule. There's not enough room on a deposit slip for all those zeros, so lottery payouts and tax refunds will have to either stay under $100 mil or send me multiple checks.
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Old 04-08-2017, 11:35 PM   #6
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It's probably related to the limitations of the ACH (automated clearing house) system. If you make any payments via ACH to the government or any vendor, the system can only handle up to $99,999,999. These days the government doesn't "cash" your check, they scan it and transfer the funds via ACH debit. For larger payments you have to wire transfer the funds.
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Old 04-09-2017, 10:10 AM   #7
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Does anybody know if I can mail the two $50 million checks in the same envelope?
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Old 04-09-2017, 10:29 AM   #8
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Does anybody know if I can mail the two $50 million checks in the same envelope?
Saving the stamp, smart very smart.
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Old 04-09-2017, 10:47 AM   #9
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I just hope I get a single check from the IRS for my $318 million refund.
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Old 04-09-2017, 06:22 PM   #10
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I will make sure to never, ever, write a check to the IRS for more than $100 million. Or anyone else for that matter.
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Old 04-09-2017, 06:50 PM   #11
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I just hope I get a single check from the IRS for my $318 million refund.
I thought you were supposed to ask for it on gift cards?
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Old 04-09-2017, 09:46 PM   #12
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I will make sure to never, ever, write a check to the IRS for more than $100 million. Or anyone else for that matter.
That brings up and interesting trivia question - what is the largest single annual income tax ever paid to the IRS?

I couldn't find the answer, but this document https://www.irs.gov/pub/irs-soi/14intop400.pdf shows that the average for the top 400 AGI taxpayers in 2014 was 73.5M (see page 13) so it is highly likely that one or more people did write a check for more than $100M to the IRS!
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Old 04-09-2017, 10:20 PM   #13
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That brings up and interesting trivia question - what is the largest single annual income tax ever paid to the IRS?

I couldn't find the answer, but this document https://www.irs.gov/pub/irs-soi/14intop400.pdf shows that the average for the top 400 AGI taxpayers in 2014 was 73.5M (see page 13) so it is highly likely that one or more people did write a check for more than $100M to the IRS!
Likely at that level the money is moved via wire transfer, where the limit is not that low. (at the level of owing $100,000,000 you will be strongly into private bank territory and your private banker or family office will take care of the details, likley in the case of a family office also doing the taxes)
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Old 04-09-2017, 10:32 PM   #14
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And they would have made estimated payments, so no single payment of $100 million.

Of course, I worked for a CFO once who said he personally would rather pay an underpayment penalty, than give the government an interest free loan...
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Old 04-09-2017, 11:01 PM   #15
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That brings up and interesting trivia question - what is the largest single annual income tax ever paid to the IRS?
In an interview I heard just yesterday, Bill Gates said he's paid more in US personal income taxes than anyone else in history. Probably true in real dollars (vs inflation adjusted), unless his buddy Warren has paid more?

https://youtu.be/8RETFyDKcw0
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Old 04-09-2017, 11:18 PM   #16
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I wouldn't write a check. It would be cash, all nickels, right to their doorstep. "I'll wait here for a receipt, you can count it Mr Koskinen."

Or maybe those $1 coins the USG keeps trying to foist on us. Here you go, IRS, now you try to figure out how to get rid to them.
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Old 04-10-2017, 07:43 AM   #17
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Oh, I thought that letter was a spoof and threw it out. I didn't know that they bounced my check. Better call Saul.
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Old 04-10-2017, 09:19 AM   #18
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Very Funny! Good one
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Old 04-10-2017, 09:23 AM   #19
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I wouldn't write a check. It would be cash, all nickels, right to their doorstep. "I'll wait here for a receipt, you can count it Mr Koskinen."

Or maybe those $1 coins the USG keeps trying to foist on us. Here you go, IRS, now you try to figure out how to get rid to them.
Of course you realize you'd be punishing all of us, and yourself. But have at it...
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Old 04-10-2017, 10:07 AM   #20
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In an interview I heard just yesterday, Bill Gates said he's paid more in US personal income taxes than anyone else in history...
He has nobody to blame but himself.
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