Questions tagged [checks]

GyeongjuGloryDaysFestival Wed Oct 23 2024 | 7 answers 884

I'm looking for an app that can help me identify whether a product is fake or not. Is there such an app available that can scan or check products and tell me if they're authentic or not?

DigitalCoinDreamer Sat Sep 28 2024 | 7 answers 1136

Does the Internal Revenue Service (IRS) indeed flag checks that exceed the amount of $10,000? This question arises frequently among taxpayers, especially those engaging in transactions involving large sums of money. The concern is understandable given the heightened scrutiny by financial institutions and government agencies on transactions deemed potentially suspicious. When it comes to cash transactions, the Bank Secrecy Act requires financial institutions to report certain large cash transactions to the IRS, specifically those involving more than $10,000 in a single transaction or a series of related transactions. However, when it comes to checks, the rules may not be as straightforward. So, does the IRS automatically flag checks over $10,000? The answer is not a definitive yes or no. While checks over this threshold may trigger additional reporting requirements for financial institutions, such as filing a Currency Transaction Report (CTR), the IRS does not necessarily flag these checks in the same way as cash transactions. It's important to note that the IRS focuses on ensuring compliance with tax laws and may investigate transactions that appear to be structured to avoid reporting requirements or to evade taxes. However, the mere fact that a check exceeds $10,000 does not automatically make it suspicious or subject to IRS scrutiny. In conclusion, while checks over $10,000 may require additional reporting by financial institutions, the IRS does not necessarily flag these checks in the same way as cash transactions. Taxpayers should ensure they comply with all relevant tax laws and seek professional advice if they have concerns about their financial transactions.

Carlo Fri Sep 13 2024 | 7 answers 1277

Could you please clarify for me if it's possible to convert official checks into ACH transactions? I'm trying to understand the process better and how it might work in practice. Are there any specific requirements or steps that need to be taken in order to make this conversion happen? And also, is this a common practice in the financial industry? Thank you for your help.

DongdaemunTrend Tue Aug 27 2024 | 5 answers 766

I'm curious, have Voyager actually dispatched any checks to their customers? I've been hearing rumors that they've been working on resolving their liquidity issues and one of the proposed solutions was to issue checks to their clients. So, is this information accurate? Have any checks been sent out yet? And if so, can you provide any further details on the status of this process?