The IRS announced Sept. 7 that beginning in 2016, it would no longer accept checks in an amount of $100 million or more, citing an inability to process checks of that size. Taxpayers will be required to submit two or more checks for any payment of $100 million or more. The IRS has also recommended that taxpayers use "Fedwire" to electronically submit payments of that size to the Federal Reserve banks.
The IRS specifically referred to a memorandum issued by the Bureau of the Fiscal Service of the Treasury Department, which reminded federal agencies of regulations stating that agencies are not to accept checks for more than $99,999,999.00. The IRS said that as of June 9, the agency had to manually process 14 such checks for the most current tax season. Checks with an amount of $100 million or more that are submitted to the IRS after Jan. 1, 2016, will be rejected, the IRS said.
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