IRS ESTIMATED TAXES BECOME MORE DIFFICULT - IRS NO LONG WILL ACCEPT $100MILLION CHECKS IN PAYMENT OF TAXES

So the IRS will stop accepting checks of more than $99,999,999 effective Jan. 1, 2016. After that date, you'll have to send in at least 2 checks to cover your big tax bill. This is really true!

Or, says the IRS, you can still send 1 large payment if you electronically wire it to the appropriate Federal Reserve bank.

In announcing the upcoming limit on big checks in the Sept. 7 Internal Revenue Bulletin, the IRS cited an earlier memo from the Treasury's Bureau of the Fiscal Service that noted the risks of manually processing checks of $100 million or more.

"Fraudulent activity, processing errors and uncollectible funds are more likely when checks over these amounts are accepted by TGA (Treasury General Account) depositaries," wrote David M. Metler, director, over-the-counter division of the Treasury Bureau of the Fiscal Service. "No check processing equipment can handle amounts over a million dollars."

Although the manual processing kicks in at $1 million, the IRS still will take checks up to $99,999,999 million, for now.

Read more: http://www.bankrate.com/financing/taxes/irs-limits-100-million-tax-payments/#ixzz3lLZYZjgJ

Senate Expected to Pass Bill that would Revoke Passports of Seriously Delinquent US Taxpayers

Pay Your IRS
Taxes or Lose your US Passport

The Senate has unanimously approved a provision to a highway transportation bill that would revoke the passports of people with seriously delinquent tax debts. This addition to the bill would allow the State Department to deny, revoke or limit a passport for any individual whom the Internal Revenue Service has certified as having a “seriously delinquent tax debt” in excess of $50,000.  If passed these rules would apply to those living in Mexico who have not been filing their US Tax returns for filing their taxes.

A seriously delinquent tax debt would be one for which a notice of a federal tax lien or a notice of a levy has been filed. An exception is allowed when the debt is being paid in a timely manner under an agreement with the IRS, or if collection on the debt has been suspended because of a collection due process hearing or other relief has been requested or is pending.

The Senate will vote on the overall bill and pass it later this week.The House is will take up the bill in the coming weeks  NOTE: THIS BILL DID PASS AND IS NOW THE LAW!