Yes, they do.
Deposit it in your bank account, there will be no fee. If you don't have a bank account, you can open one with the IRS check!
The IRS is not legally linked with the banking industry. The IRS uses banking information that is given them when you have interest earned on a bank account. The banks report the interest via a 1099 INT. The only time the IRS will use that information is when you have been negligent in paying your taxes. Part of the due collection process of the IRS is to issue bank levies against your account and collect all the money in your account for that one instant in time when the levy is issued. To avoid a bank levy when you owe back taxes you must be in a resolution with the IRS for the taxes you owe.
One can learn online how to open a Roth IRA account by visiting IRS dot gov website. Here one will learn the different requirements for having a Roth IRA account. From the IRS website, one will know how to set up the account, how to contribute to it and when to withdraw one's contribution.
Always assume the government is aware one way or another of very large transactions like that. Banks must report any deposits larger than $10,000 to the IRS. --------------- Actually, the govt is not involved when money can be traced from one account to another, as is the case with checks and wire transfers. Banks are required to notify the govt (though they are not required to tell the banking customer) when there is a CASH deposit of $10,000 or more. Even if the cash deposited takes place over a couple/few days, they are supposed to notify the government. That being said, I'm not sure about cashier checks and/or money orders since these can be purchased with cash (?).
Yes and no. It is possible that it will be deposited into your friends account without an issue, however some banks will refuse it. Due to new banking laws account security is a concern and some banks really take it to the next level. The IRS will then mail you a check if it is rejected.
Deposit it in your bank account, there will be no fee. If you don't have a bank account, you can open one with the IRS check!
The IRS is not legally linked with the banking industry. The IRS uses banking information that is given them when you have interest earned on a bank account. The banks report the interest via a 1099 INT. The only time the IRS will use that information is when you have been negligent in paying your taxes. Part of the due collection process of the IRS is to issue bank levies against your account and collect all the money in your account for that one instant in time when the levy is issued. To avoid a bank levy when you owe back taxes you must be in a resolution with the IRS for the taxes you owe.
No it is a federal holiday so banks, schools, and federal offices are closed.
Yes, it is possible. If a deposit of over $5000 happens in an account, the bank has to intimate the Government & the IRS. The IRS can then use this information to verify it the account holder has enough earning potential to match the deposits on his/her account. If they feel there is any inconsistency between the earning & the cash held in the account, they can investigate the person to find if he/she is evading tax.
No it is a federal holiday so banks, schools, and federal offices are closed.
The IRS will notify you.
One can learn online how to open a Roth IRA account by visiting IRS dot gov website. Here one will learn the different requirements for having a Roth IRA account. From the IRS website, one will know how to set up the account, how to contribute to it and when to withdraw one's contribution.
national and global banks
Always assume the government is aware one way or another of very large transactions like that. Banks must report any deposits larger than $10,000 to the IRS. --------------- Actually, the govt is not involved when money can be traced from one account to another, as is the case with checks and wire transfers. Banks are required to notify the govt (though they are not required to tell the banking customer) when there is a CASH deposit of $10,000 or more. Even if the cash deposited takes place over a couple/few days, they are supposed to notify the government. That being said, I'm not sure about cashier checks and/or money orders since these can be purchased with cash (?).
Yes and no. It is possible that it will be deposited into your friends account without an issue, however some banks will refuse it. Due to new banking laws account security is a concern and some banks really take it to the next level. The IRS will then mail you a check if it is rejected.
foreign banks
You must notify the Lein Holder, in most cases it is the IRS. On your credit report there will be a c document number. In writing notify the IRS with the document number. Ask them to give you a written status. The date it was satisfied and if it is within 10 years as them to remove it. You must notify the Lein Holder, in most cases it is the IRS. On your credit report there will be a c document number. In writing notify the IRS with the document number. Ask them to give you a written status. The date it was satisfied and if it is within 10 years as them to remove it.