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Posted by Stuart Bronstein on February 25, 2008, 3:36 pm
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> Umm, a check presented for deposit may take more than 24 hrs to
> clear and be available for withdrawal. But, indeed, if you send a
> paper check to the IRS by snail mail, you should be able to
> transfer the money by physically presenting checks to the bank on
> which you draw the money if you do so at least 1 full business day
> before you mail the check to the IRS (I think).
I once knew a guy who would take a hole-punch, and punch a hole in the
account number on checks he'd send to the IRS. It always took them a
few more days to clear, but he never heard a complaint about it.
Stu
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Posted by Paul Thomas, CPA on February 25, 2008, 4:00 pm
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> I once knew a guy who would take a hole-punch, and punch a hole in the
> account number on checks he'd send to the IRS. It always took them a
> few more days to clear, but he never heard a complaint about it.
It's my understanding that the IRS still uses equipment that can tell if
there is a check enclosed by sensing the magnetic ink on the check. This
even through however many numbers of pages the return might be. It was
once said that you could "demagnetize" the check with a common demagnetizer
(from Radio Shack, etc) and it would be days before the IRS realized you had
a check in there and processed it for deposit.
This was hesitantly confirmed the last time I did a pipe-line tour of the
facility in Doraville. They don't like it, but it apparently happens often
enough.
I would think they'd honor the *payment date* as the date mailed instead of
the date they realized the envelope contained a payment. But I wouldn't
push it if it's a payment going up against the due date.
--
Paul A. Thomas, CPA
Athens, Georgia
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Bill Brown on February 25, 2008, 10:53 pm
Please log in for more thread options > 379c0f253...@72g2000hsu.googlegroups.com:
>
> > By the way, I'm able to transfer
> > cash between accounts at different financial institutions in about 10
> > minutes. Admittedly, those two institutions are only 10 minutes apart
> > by car.
>
> Umm, a check presented for deposit may take more than 24 hrs to clear and
> be available for withdrawal. But, indeed, if you send a paper check to the
> IRS by snail mail, you should be able to transfer the money by physically
> presenting checks to the bank on which you draw the money if you do so at
> least 1 full business day before you mail the check to the IRS (I think).
>
Let me rephrase that to be a bit more specific. I'm able to transfer
currency between accounts at different financial institutions in about
10 minutes.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Han on February 26, 2008, 11:04 am
Please log in for more thread options 2492dc7ebed6@b1g2000hsg.googlegroups.com:
> Let me rephrase that to be a bit more specific. I'm able to transfer
> currency between accounts at different financial institutions in about
> 10 minutes.
>
That must be a wire transfer, and isn't that fairly costly?
--
Best regards
Han
email address is invalid
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Bill Brown on February 26, 2008, 12:13 pm
Please log in for more thread options > 2492dc7eb...@b1g2000hsg.googlegroups.com:
>
> > Let me rephrase that to be a bit more specific. I'm able to transfer
> > currency between accounts at different financial institutions in about
> > 10 minutes.
>
> That must be a wire transfer, and isn't that fairly costly?
No, because the two financial institutions are 9 minutes apart by car.
BTW, currency is folding money, not something that can be transferred
in any way other than picking it up and physically carrying it from
one place to another.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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