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$100 million checks will no longer be accepted by the IRS

By Owen Weldon     Sep 15, 2015 in Business
The Internal Revenue Service (IRS) announced that it will no longer accept checks that are written out for $100 million.
The IRS will not accept check payments that are over the amount of $99,999,999. The reason why the agency has decided this is because checks with so many digits cannot be handled by the check-processing equipment at the Federal Reserve banks. Checks that are $100 million or more are processed by hand, and this can increase the chances of errors and fraud.
The United States Treasury Department said that there has been an increase in federal agencies trying to deposit checks that are written out for $100 million or more. This year alone, the IRS accepted 14 checks that were for more than $99,999,999.
A memo was released by the IRS, and it urged officials to spread the word about the check limit in as many media forms between now and the last day of December.
David Melter, the director Over the Counter Division at the Department of Treasury, said that aside from the increased chances of fraud and errors, large check items may become lost, stolen or mis-shipped.
However, the impact of the limitations are likely going to be minimal, as the majority of tax filers in America file their taxes electronically.
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