IS THIS GOING TO BE A PROBLEM FOR YOU AND YOUR ESTATE? PROBABLY NOT!
Owe $100 million or more to the Internal Revenue Service (IRS)? Better write that check now.
The latest edition of the Internal Revenue Bulletin, Bulletin No. 2015–36, dated, September 7, 2015, has this to say about the Federal Revenue’s new check policy.
The Federal Reserve will not accept checks that are larger than $99,999,999.00 and agencies have been directed to return these checks to the originator. Beginning January 1, 2016, IRS will begin returning checks for more than $99,999,999.00 to the originator.
The notice was posted in the latest edition of the Bulletin under headings for income tax, gift tax, estate tax, self-employment tax, employment tax and excise tax.
IRS To Refuse Checks Greater Than $100 Million Beginning In 2016 – Forbes