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Found something on the IRS website that coin dealers should be aware of

UtahCoinUtahCoin Posts: 5,366 ✭✭✭✭✭
in U.S. Coin Forum

Larger payments
We can't accept single check or money order amounts of $100 million or more.
:'(
https://www.irs.gov/payments/pay-by-check-or-money-order

I used to be somebody, now I'm just a coin collector.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.

Comments

  • ashelandasheland Posts: 23,885 ✭✭✭✭✭

    :D

    My YouTube Channel

  • 291fifth291fifth Posts: 24,744 ✭✭✭✭✭

    Do they take barrels full of wheat cents?

    All glory is fleeting.
  • FredWeinbergFredWeinberg Posts: 5,932 ✭✭✭✭✭

    ....or bitcoin ?

    Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
  • segojasegoja Posts: 6,141 ✭✭✭✭

    bummer, guess they'll just have to send my check back

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  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    I'll take it if the IRS doesn't want it. :)


    Here's a warning parable for coin collectors...



  • johnny9434johnny9434 Posts: 29,473 ✭✭✭✭✭

    so maybe ill write them 2 checks then

  • coinpalicecoinpalice Posts: 2,464 ✭✭✭✭✭

    or maybe they want 100 suit cases of 100 dollar bills

  • CCGGGCCGGG Posts: 1,267 ✭✭✭✭✭
    edited April 15, 2019 1:45PM

    I'll need to consider that when making future estimated quarterly payments.

  • StaircoinsStaircoins Posts: 2,577 ✭✭✭

    Thankfully not a problem for me, as pay by wire transfer.

  • ianrussellianrussell Posts: 2,499 ✭✭✭✭✭

    I saw that on the form earlier.

    You'd think they would make it easier for those paying over $100 million and accept the check!

    Ian Russell
    Owner/Founder GreatCollections
    GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
  • CatbertCatbert Posts: 7,745 ✭✭✭✭✭

    I'm sure they'd take two checks under 100M each!

    Seated Half Society member #38
    "Got a flaming heart, can't get my fill"
  • BStrauss3BStrauss3 Posts: 3,753 ✭✭✭✭✭

    That is actually an ACH (Automated Clearing House) limitation, or at least it was back-in-the-day.

    True story, we were putting in a state-wide financial system for one of the M states. Luckily we found out about the limit (I had a developer who actually READ the ACH rules). Because school aid for the D city was well over 99,999,999.99 - about 2.5x in fact. We coded it to split at around 90M - and you can bet there were a lot of eyes on the first run of THAT job, from the governor on down.

    -----Burton
    ANA 50+ year/Life Member (now "Emeritus")
    Author: 3rd Edition of the SampleSlabs book, https://sampleslabs.info/
  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    @BStrauss3 said:
    That is actually an ACH (Automated Clearing House) limitation, or at least it was back-in-the-day.

    True story, we were putting in a state-wide financial system for one of the M states. Luckily we found out about the limit (I had a developer who actually READ the ACH rules). Because school aid for the D city was well over 99,999,999.99 - about 2.5x in fact. We coded it to split at around 90M - and you can bet there were a lot of eyes on the first run of THAT job, from the governor on down.

    This.

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    :) !!!

    Timbuk3
  • BustDMsBustDMs Posts: 1,701 ✭✭✭✭✭

    @UtahCoin said:
    Larger payments
    We can't accept single check or money order amounts of $100 million or more.
    :'(
    https://www.irs.gov/payments/pay-by-check-or-money-order

    I had to pay with $3’s 😜

    Q: When does a collector become a numismatist?



    A: The year they spend more on their library than their coin collection.



    A numismatist is judged more on the content of their library than the content of their cabinet.
  • DeutscherGeistDeutscherGeist Posts: 2,990 ✭✭✭✭

    I saw that on the form. I wondered to how many people that rule even applies to. Less than 1%, that's for sure.

    "So many of our DREAMS at first seem impossible, then they seem improbable, and then, when we SUMMON THE WILL they soon become INEVITABLE "- Christopher Reeve

    BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    @DeutscherGeist said:
    I saw that on the form. I wondered to how many people that rule even applies to. Less than 1%, that's for sure.

    A lot less than 1%.

    An $100,000,000 tax bill is probably more on a corporation. In individual who owes that much in annual taxes needs to fire her accountant ASAP. Most billionaires have some type of 501 foundations to funnel $$.

    2c

  • DeutscherGeistDeutscherGeist Posts: 2,990 ✭✭✭✭

    OK, taking the tax loopholes into account, a 100 million dollar tax bill must only apply to a handful of people or entities then.

    "So many of our DREAMS at first seem impossible, then they seem improbable, and then, when we SUMMON THE WILL they soon become INEVITABLE "- Christopher Reeve

    BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
  • derrybderryb Posts: 37,782 ✭✭✭✭✭

    My accountants pointed this out to my legal team last year.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • blitzdudeblitzdude Posts: 6,673 ✭✭✭✭✭

    Tax break? What taxbreak? Lulz!

    The whole worlds off its rocker, buy Gold™.
    BOOMIN!™
    Wooooha! Did someone just say it's officially "TACO™" Tuesday????

  • cameonut2011cameonut2011 Posts: 10,181 ✭✭✭✭✭

    @UtahCoin said:
    Larger payments
    We can't accept single check or money order amounts of $100 million or more.
    :'(
    https://www.irs.gov/payments/pay-by-check-or-money-order

    This must be why we see all of the "why coin dealers drink" threads.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    This is not an issue I will ever have to deal with.... ;) Cheers, RickO

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