Found something on the IRS website that coin dealers should be aware of
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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.
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.
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Comments
I wish I had know that before I filed.......
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
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Do they take barrels full of wheat cents?
....or bitcoin ?
bummer, guess they'll just have to send my check back
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
I'll take it if the IRS doesn't want it.
Here's a warning parable for coin collectors...
so maybe ill write them 2 checks then
or maybe they want 100 suit cases of 100 dollar bills
I'll need to consider that when making future estimated quarterly payments.
Thankfully not a problem for me, as pay by wire transfer.
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!
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
I'm sure they'd take two checks under 100M each!
"Got a flaming heart, can't get my fill"
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.
ANA 50 year/Life Member (now "Emeritus")
This.
I had to pay with $3’s 😜
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.
I saw that on the form. I wondered to how many people that rule even applies to. Less than 1%, that's for sure.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
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
OK, taking the tax loopholes into account, a 100 million dollar tax bill must only apply to a handful of people or entities then.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
My accountants pointed this out to my legal team last year.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Tax break? What taxbreak? Lulz!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
This must be why we see all of the "why coin dealers drink" threads.
This is not an issue I will ever have to deal with....
Cheers, RickO