Tax weekend humor

dcarr

I found this funny for some reason.
I'm working on my taxes now and I just found this actual quote in the official Form 1040 Instructions booklet:

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’ll need to spread the payment over 2 or more checks with each check made out for an amount less than $100 million. This limit doesn’t apply to other methods of payment (such as electronic payments). Please consider a method of payment other than check if the amount of the payment is over $100 million.

To keep it coin related:

Paradisefound

@dcarr

I wondered what is the reason of non-acceptance and I really wished I have that problem
Great coin to go with the subject!

messydesk

Must not be enough blanks on their deposit slips.

Kudbegud

Just send a million checks for $100 each. Problem solved.

1940coupe

half for the Gov. and half for them

Hydrant

Duh,....that's WHY I always send 2 separate checks for $50,000,000 each. That way there's never a problem. No questions asked. No audit. No muss. No fuss.

derryb

@dcarr said:
I found this funny for some reason.
I'm working on my taxes now and I just found this actual quote in the official Form 1040 Instructions booklet:

"If you are sending $100 million or more by check, you’ll need to spread the payment over 2 or more checks with each check made out for an amount less than $100 million."

iIs the IRS promoting money laundering?

Timbuk3

Funny !!!

dcarr

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3keepSECRETif2rDEAD

...The Feds deserve every dime they are supposed to get...wish they would smarten up though and run a nation-wide numbers lottery and recycle some of that street money they never see

dcarr

More funnies:

From the IRS web page ( https://irs.gov/irm/part4/irm_04-026-013 ) :

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4.26.13.2.1 (01-07-2016)

Structuring Defined

The definition of "structuring" for the purpose of evading the transactions in currency reporting is found at 31 CFR 1010.100(xx). The elements of the structuring regulations are:

•A person acting alone, in conjunction with others, or on behalf of others

•Conducts or attempts to conduct

•One or more transactions in currency

•In any amount

•At one or more financial institutions

•On one or more days

•In any manner

•For the purpose of evading the reporting requirements of 31 CFR 1010.311 (CTR), 1010.313 (Aggregation of transaction totaling more than $10,000 during one business day), 1020.315 (Transactions of exempt persons by banks), 1021.311 (CTR-Casino), or 1021.313 (Aggregation of transactions totaling more than $10,000 during any gaming day – casino).

2."In any manner" includes, but is not limited to, the breaking down of a single sum of currency exceeding $10,000 into smaller sums, including sums at or below $10,000, or conducting a transaction or series of currency transactions at or below $10,000. The transaction or transactions need not exceed the $10,000 reporting threshold at any single financial institution or on any single day in order to constitute structuring within the meaning of this definition.

(d) Criminal Penalty.
(1) In general.
Whoever violates this section shall be fined in accordance with title 18, United States Code, imprisoned for not more than 5 years, or both.

(2) Enhanced penalty for aggravated cases.

Whoever violates this section while violating another law of the United States or as part of a pattern of any illegal activity involving more than $100,000 in a 12-month period shall be fined twice the amount provided in subsection (b)(3) or (c)(3) (as the case may be) of section 3571 of title 18, United States Code, imprisoned for not more than 10 years, or both.

From the IRS instruction booklet for form 1040:

---

Amount You Owe
IRS offers several payment options. You can pay online, by phone, mobile device, cash (maximum $1,000 per day and per transaction), check or money order. Go to IRS.gov/Payments for payment options.

Pay by Cash

Cash is an in-person payment option for individuals provided through retail partners with a maximum of $1,000 per day per transaction. To make a cash payment, you must first be registered online at www.officialpayments.com/fed, our Official Payment provider.

.

Hmm...
So the IRS wants you to structure your cash payments to them.
Who is going to fall for that ?

Lakesammman

Does seem odd. For the uber-wealthy, probably a common occurrence. I can see someone like Bezos having to deal with that once or twice a year.

CaptHenway

@dcarr said:
I found this funny for some reason.
I'm working on my taxes now and I just found this actual quote in the official Form 1040 Instructions booklet:

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’ll need to spread the payment over 2 or more checks with each check made out for an amount less than $100 million. This limit doesn’t apply to other methods of payment (such as electronic payments). Please consider a method of payment other than check if the amount of the payment is over $100 million.

To keep it coin related:

If you thought that the National Debt was bad in 2013, you need to do a 2018 "HOLD MY BEER AND WATCH THIS!" update!

bolivarshagnasty

Someone posted here last week it went over 21 trillion.

jmski52

$50,000,000 here, $50,000,000 there. Pretty soon it adds up to real money.

BStrauss3

@Paradisefound said:

@dcarr

I wondered what is the reason of non-acceptance and I really wished I have that problem

ACH limit (automated clearing house)... ran into this in 1992 with state school aid. Didn't know if it's been fixed on the ACH side but the IRS programs date back to the 60s.

Boosibri

F... taxes are due?

daltex

@dcarr said:
I found this funny for some reason.
I'm working on my taxes now and I just found this actual quote in the official Form 1040 Instructions booklet:

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’ll need to spread the payment over 2 or more checks with each check made out for an amount less than $100 million. This limit doesn’t apply to other methods of payment (such as electronic payments). Please consider a method of payment other than check if the amount of the payment is over $100 million.

In all seriousness, the Wall Street Journal had an article this week about someone who owed $1 billion (John Paulson?) and speculated about how he would pay it. They suggested wire, but noted that he would lose the interest that would be gained waiting for the IRS to cash his check(s).

Alex Relyea

ricko

I did not have this problem... I do, however, know that the IRS is very prompt in cashing remittance checks....Like the day they receive them. Probably a tad slower on mailing refunds I would guess... Cheers, RickO

Exbrit

there's a new bill in congress to go back to the gold standard. Fat chance that has of passing. Where did I put that trillion dollar coin?

Azurescens

George Washington never told a lie, but then again, he never had to file a Form 1040.

BAJJERFAN

@Boosibri said:
F... taxes are due?

Your return is due. If you've been wise you shouldn't owe much. in taxes.

BAJJERFAN

@daltex said:

@dcarr said:
I found this funny for some reason.
I'm working on my taxes now and I just found this actual quote in the official Form 1040 Instructions booklet:

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’ll need to spread the payment over 2 or more checks with each check made out for an amount less than $100 million. This limit doesn’t apply to other methods of payment (such as electronic payments). Please consider a method of payment other than check if the amount of the payment is over $100 million.

In all seriousness, the Wall Street Journal had an article this week about someone who owed $1 billion (John Paulson?) and speculated about how he would pay it. They suggested wire, but noted that he would lose the interest that would be gained waiting for the IRS to cash his check(s).

Alex Relyea

Direct Pay, assuming he/they have that much in a single account.

coinsarefun

I posted this one on Facebook
1790’s D&H 719 Britain Halfpenny .....Tax day is almost upon us!! Here is one for you The Indian on this halfpenny token is identifiable. And a donkey bearing two pairs of baskets, labeled RENTS and TAX’S, with the motto I WAS AN ASS TO BEAR THE FIRST PAIR surrounding. NGC MS64
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Cameonut

I'm also don't have the $100 mil problem, but I'm guessing that our governments archaic computer systems were programmed back in the days when fields had limited space for characters and it was never thought that anyone would need to post a check that large.