WASHINGTON (AP) — Owe the tax man $100 million or more? Your check is no good at the IRS.
Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that big.
Checks of $100 million or more have to be processed by hand, increasing the risk of theft, fraud and errors, according to a pair of memos from the IRS and the Treasury Department.