It’s not a very common problem for the Internal Revenue Service, but it is apparently enough of an issue that they had to make an official policy change to address it. The problem, one most people would love to have, is how to deal with checks for $100 million or more. It seems the IRS can’t handle them any longer out of fear of people stealing some of the money.
Starting in 2016, the IRS will no longer accept checks for $100 million or more because the equipment at the Federal Reserve Bank that processes checks can’t handle checks for more than 8 digits. Checks larger than that have to be processed manually by hand, which, according to internal memos obtained by the Associated Press, could increase “the risk of theft, fraud and errors.”
Luckily there are very few entities cutting nine figure checks to the government — only 14 were written in 2014. Confidentiality laws forbid the IRS from identifying those individuals or companies, but should their income remain that high, and should any others be fortunate enough to have their income join them, they will have to pay their tax bill with electronic transfers of funds due to the new policy.
Grover Norquist, president of Americans for Tax Reform, drew a distinction between how government and private enterprise treats their largest customers, saying, “You’re trying to write a $100 million check to the government and they’re treating you like dirt? These are your customers. If this was Las Vegas, they’d give you the suite and a bottle of champagne for free.”