How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118286
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
10285032
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

If I owe IRS and the State of CA back taxes, how do I cash

Customer Question

If I owe IRS and the State of CA back taxes, how do I cash an insurance check that was issued to me because of loss from a house fire. The amount exceeds $50,000. Does the Banking entities have to report this transaction?
Submitted: 8 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 8 years ago.
The banks do have to report the transaction and the fact that the IRS would get their hands upon it because of the money owed. You do realize the IRS doesn't care about your necessities or anything else, they want their money and even if the money isn't taxable, the bank must report it because it is over $10,000 and the IRS will freeze it in the account and seize it.


I hope you found my answer helpful, please click on the GREEN ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated!

If you have additional questions, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

There can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break.

You can always request me through my profile at http://www.justanswer.com/profile.aspx?PF=10285032&FID=39 or beginning your question with “For PaulMJD…”

Customer: replied 8 years ago.
What If I go the bank that the ckeck was issued and cash the check. They can not seize
assests then. I do not have a bank account at present so I do not have that option for direct deposit. What if I have the check put into another persons or business name?
Expert:  Law Educator, Esq. replied 8 years ago.
They cannot cash a check that large and will not cash it. A check that large will have to be reported under the name it is issued and under that person's social security number. you are going where many before you have gone before. As soon as that report gets sent in on that check, the IRS will seize that amount from any account you put it into and the person whose account it goes into would then have to prove it is their money and not yours, and don't think about saying it is money you owe them because the IRS will still take if from them because they get to collect before anyone else.