I have a cheque dated 22/06/2004 that got in with some old paperwork that I have just come across and would like to cash it.
How long do you get to cash old cheques?
Present it for payment and if it is not accepted then ask the drawer to endorse the date. If it's only for a small amount the bank will probably accept it.
_
Reply:Six months in India
Reply:1 year
Reply:i have always wonded about that as well, i'll ask my bank on monday if they arnt busy, just to make sure it is 6months, i have found up some cheques from 05 and the start of this year opps lol
Reply:In the U.S., there used to be a regulation that stated that a check was stale-dated after six months, and that it was up to the drawee bank's discretion if they wanted to pay it. I would deposit it, just in case...and if you have nothing against a 2-5 business day hold (in compliance with Regulation CC), I would put a hold on it as well, in case it does come back unpaid. However....the six months no longer applies, as of a couple months ago. That regulation was repealed. If you can contact the maker of the check, do so, to make sure there isn't a stop payment on it, and to make sure that the person has enough funds in their account to cover it, and that the account is still open. If not, try contacting the drawee bank to verify that the account is open. Then deposit it, preferably with a hold.
Reply:I thought it was three months - you're best checking with your bank.
They may require the cheque to be re-done.
Reply:Six months in the U.K. I recently found one that I had overlooked.
It was from an Exeter solicitor, I wrote to them enclosing photostats of all the paper work etc. and asked them to endorse it so that I could cash it. They refused. So I put it in a picture frame and it now hangs on the wall in my downstairs toilet. It is amazing how many visitors have said to me "Oh, if that is the sort of solicitors they are, I will never deal with them" The firm must surely have lost business because of it, it has become quite a talking point!!
If anyone thinking about using an Exeter solicitor wants to know their name contact me.
Reply:In UK cheques are usually valid for 6 months.
Get whoever wrote the cheque to write a new one.
Reply:I'm sure it is 3 months in England, why not ask the payer to rewrite another one.
Reply:Depends on your bank. Might want to check with them first.
Reply:If you are in the UK the limit is 6 months, I'm afraid.
Is there any chance you could get back to whoever issued the cheque and ask them to issue another?
Sorry not to be able to help more, I know how frustrated I'd feel if the same thing happened to me!
Reply:Six months I believe.
Reply:Try and cash it, but don't be surprised if it is no longer any good. Some checks have a limit of 90 days to be cashed, or it is void, and I'm sure there is a set limit by the banking regulatory people on how long a check is good.
Reply:thats fine if its dated June. Its 6 months so you'll have until December.
Reply:6 months babe. its no use. best to get the cheque writer to write another and aplogise. if not then you have lost it. sorry
Reply:don't think you can! usually its six months. England. but check with your bank.
Reply:I think about 6 months. Your bank may still honour it though
Reply:as long as the person who gave it to you has the money in the bank to cover it
Reply:The norm is 6 months grace period after you get the check I would suggest going to your local bank.
Reply:thats fine take it the bank, as long as the other person has cancelled it!
Wallpapers software
Thursday, April 15, 2010
Is it legal to get a cash refund from a credit card purchase?
I am wondering if the Money laundering Act makes it illegal to get cash refund after a credit card purchase.
Is it legal to get a cash refund from a credit card purchase?
Most stores will only refund in the medium that you used to pay for the goods. It's not really viable for money laundering - it's an awful lot of effort....
Reply:not sure but i know most stores will only put the money back on your credit card
Reply:Hi. The simple answer is that yes, it is legal to have money refunded to you in cash when you initially paid via your credit card, however there are a number of other issues to address.
Firstly, the money laundering legislation and regulations (Proceeds of Crime Act 2002, Money Laundering Regulations 2003, FSA regulation with guidance from the JMLSG etc) aren't relevant to this type of financial activity, because unless you are doing this to conceal the proceeds of crime it is not money laundering.
There may be an issue if the card is stolen, but if the card is yours and you conducted a transaction in good faith, there's no problem.
You should bear in mind that if funds are not refunded to your card, you will pay interest on the value of the funds (unless you pay off the amount in full or have a 0% offer on your card), therefore it may be worth accepting a cash refund and then immediately using that cash as a payment toward your credit card bill.
Reply:Hi!
I don't think it's possible..simple as that. Hence..if it is legal or not matters not! You are not going to be able to get cash refunds on credit card purchases..they're not going to do it.
Reply:Yes it is illegal, and most big companies eg comet, supermarkets, wouldnt be able to give you a cash refund on their systems.
Reply:I don't know about the Act but just imagine what a mess you would be in if you gave a refund in cash for a transaction when a stolen card or a cloned card was used.
Reply:The agreement with the banks and credit cards are why they issue credit on the cards. Merchants pay a commission on each credit purchase. They get back their commission when they get a refund credit from the credit card issuing bank.
Reply:all the companies I know only refund you the way you paid,i.e. back onto your card, or else a credit note.
Is it legal to get a cash refund from a credit card purchase?
Most stores will only refund in the medium that you used to pay for the goods. It's not really viable for money laundering - it's an awful lot of effort....
Reply:not sure but i know most stores will only put the money back on your credit card
Reply:Hi. The simple answer is that yes, it is legal to have money refunded to you in cash when you initially paid via your credit card, however there are a number of other issues to address.
Firstly, the money laundering legislation and regulations (Proceeds of Crime Act 2002, Money Laundering Regulations 2003, FSA regulation with guidance from the JMLSG etc) aren't relevant to this type of financial activity, because unless you are doing this to conceal the proceeds of crime it is not money laundering.
There may be an issue if the card is stolen, but if the card is yours and you conducted a transaction in good faith, there's no problem.
You should bear in mind that if funds are not refunded to your card, you will pay interest on the value of the funds (unless you pay off the amount in full or have a 0% offer on your card), therefore it may be worth accepting a cash refund and then immediately using that cash as a payment toward your credit card bill.
Reply:Hi!
I don't think it's possible..simple as that. Hence..if it is legal or not matters not! You are not going to be able to get cash refunds on credit card purchases..they're not going to do it.
Reply:Yes it is illegal, and most big companies eg comet, supermarkets, wouldnt be able to give you a cash refund on their systems.
Reply:I don't know about the Act but just imagine what a mess you would be in if you gave a refund in cash for a transaction when a stolen card or a cloned card was used.
Reply:The agreement with the banks and credit cards are why they issue credit on the cards. Merchants pay a commission on each credit purchase. They get back their commission when they get a refund credit from the credit card issuing bank.
Reply:all the companies I know only refund you the way you paid,i.e. back onto your card, or else a credit note.
How do I protect my business cash from the dollar's decline?
My business has cash in the bank, how do I protect that from the decline of the US Dollar?
How do I protect my business cash from the dollar's decline?
With respect, whomever told you that the dollar's decline doesn't affect you if you're not involved in overseas trade is very mistaken. The dollar today is doing the same thing that happened to Argentina and Mexico and Germany; it's just taking longer to do it.
There are a number of avenues to pursue but they will all involve an international mindset. This is not generally encouraged by the U.S. government although it is 100% legal. By investing your dollars in other currencies, your money is unaffected when the dollar drops.
Additionally, there are more than 55,000 mutual funds that are available for you to invest in that are NOT based on the dollar. The reason you don't know about them is because the U.S. government makes it illegal for them to advertise to U.S. citizens.
Think outside the box. You'll find that there are a lot of opportunities for you to protect your assets.
Reply:If you are in the US and not involved in overseas trade, then the decline has no bearing on your cash. You can only be affected by its value when there is high inflation in the US.
But if you are in overseas trade, then you can seek for your coverage in fixing the exchange rate at today's rate to the US dollar. If you intend to holiday abroad, a coverage could also be arranged.
How do I protect my business cash from the dollar's decline?
With respect, whomever told you that the dollar's decline doesn't affect you if you're not involved in overseas trade is very mistaken. The dollar today is doing the same thing that happened to Argentina and Mexico and Germany; it's just taking longer to do it.
There are a number of avenues to pursue but they will all involve an international mindset. This is not generally encouraged by the U.S. government although it is 100% legal. By investing your dollars in other currencies, your money is unaffected when the dollar drops.
Additionally, there are more than 55,000 mutual funds that are available for you to invest in that are NOT based on the dollar. The reason you don't know about them is because the U.S. government makes it illegal for them to advertise to U.S. citizens.
Think outside the box. You'll find that there are a lot of opportunities for you to protect your assets.
Reply:If you are in the US and not involved in overseas trade, then the decline has no bearing on your cash. You can only be affected by its value when there is high inflation in the US.
But if you are in overseas trade, then you can seek for your coverage in fixing the exchange rate at today's rate to the US dollar. If you intend to holiday abroad, a coverage could also be arranged.
Buying a vehicle for my business - cash versus financing, and how much may I use it for personal use?
I own a six-month old single-owner LLC, which I operate out of my house. I want to purchase a car to use for my business. My company is a telecom-consulting business, so the primary use for the car would be to drive to client appointments and to take packages to the local shipping store. I typically don't do much personal driving during the week after business hours.
I am not sure if I should pay cash for the car, or if I need to finance the car. Which is a better write-off?
My wife has her car, and we use it primarily for family functions. So, how much could I use the company car for my own personal use without the risk of doing something illegal (tax-wise)? My wife would probably never use the car, even though she is technically an employee.
Buying a vehicle for my business - cash versus financing, and how much may I use it for personal use?
As with many things, don't be blinded by the tax implications of the decision. Tax impact needs to be considered of course, but should NOT be the overriding consideration. It's just one of many factors.
Although you can take a business expense for the finance charges, the the total out-of-pocket cost for financing will still be higher even with the tax savings. The highest tax bracket is 35% but most taxpayers will see savings of 15% - 28% at most. From that standpoint, paying cash will make more sense.
However, other factors come into play, not the least of which is your cash-flow. Paying cash ties up capital that maybe could be better used for other business development. This is something that is often overlooked by the novice.
If you wind up having to take out a loan for other business purposes as a result of paying cash for an expensive asset you may well wind up paying a higher interest rate for an unsecured loan or having to guarantee it personally -- other things to think about.
If cash-flow is a consideration and ease of bookkeeping is a factor, leasing a vehicle may be just the way to go for a business vehicle especially if you can accurately predict your mileage requirements. Leases usually SUCK for the average wage-earner but are often an excellent option for business use.
Resist any temptation to use the business vehicle for personal use, especially if you take a Section 179 deduction for the full purchase price. You don't have to account for business vs personal use, keep mileage logs, or other tedious bookkeeping tasks. If you own other vehicles for personal use, the IRS won't question your claim of 100% business use; just play by the rules and you'll be fine.
If your wife uses the business vehicle for business use, that's not a problem. But if she hauls the kids around or goes shopping with it -- or if you do -- you're risking having its use challenged. Bending the rules occasionally probably won't trigger an audit, just don't let it become a habit.
Reply:TFTP Report Abuse
I am not sure if I should pay cash for the car, or if I need to finance the car. Which is a better write-off?
My wife has her car, and we use it primarily for family functions. So, how much could I use the company car for my own personal use without the risk of doing something illegal (tax-wise)? My wife would probably never use the car, even though she is technically an employee.
Buying a vehicle for my business - cash versus financing, and how much may I use it for personal use?
As with many things, don't be blinded by the tax implications of the decision. Tax impact needs to be considered of course, but should NOT be the overriding consideration. It's just one of many factors.
Although you can take a business expense for the finance charges, the the total out-of-pocket cost for financing will still be higher even with the tax savings. The highest tax bracket is 35% but most taxpayers will see savings of 15% - 28% at most. From that standpoint, paying cash will make more sense.
However, other factors come into play, not the least of which is your cash-flow. Paying cash ties up capital that maybe could be better used for other business development. This is something that is often overlooked by the novice.
If you wind up having to take out a loan for other business purposes as a result of paying cash for an expensive asset you may well wind up paying a higher interest rate for an unsecured loan or having to guarantee it personally -- other things to think about.
If cash-flow is a consideration and ease of bookkeeping is a factor, leasing a vehicle may be just the way to go for a business vehicle especially if you can accurately predict your mileage requirements. Leases usually SUCK for the average wage-earner but are often an excellent option for business use.
Resist any temptation to use the business vehicle for personal use, especially if you take a Section 179 deduction for the full purchase price. You don't have to account for business vs personal use, keep mileage logs, or other tedious bookkeeping tasks. If you own other vehicles for personal use, the IRS won't question your claim of 100% business use; just play by the rules and you'll be fine.
If your wife uses the business vehicle for business use, that's not a problem. But if she hauls the kids around or goes shopping with it -- or if you do -- you're risking having its use challenged. Bending the rules occasionally probably won't trigger an audit, just don't let it become a habit.
Reply:TFTP Report Abuse
How much is the fee to cash an Amex Traveler Check in Italy?
Hi everybody. I'll go to Italy next week and I've already purchased some Amex TC in Euro. But one of my friends told me that in Italy those FEE FREE encashment banks will only accept a determined amount of TC per week per person, 200 euro or so.. Is that true?
And besides, if I need extra cash, what's the normal rate that cambio or banks or other agencies will ask in Italy? For reference cuz i don't want to be fooled with a abnormally higher rate...
Thanks!
How much is the fee to cash an Amex Traveler Check in Italy?
My impression was that you could walk into any American Express office in the world and cash your travelers checks with no charge. Your hotel may be able to cash some for you too.
Frankly though, its been an awfully long time since I last bothered to obtain travelers checks for travel abroad. I just use plastic, as my impression is that you generally get the best exchange rates that way and it's far more convenient than travelers checks. For cash (in the local currency), I just
use my home bank's ATM card in a local bank's ATM machine and let the banks deal with the currency conversions.
pulling teeth
And besides, if I need extra cash, what's the normal rate that cambio or banks or other agencies will ask in Italy? For reference cuz i don't want to be fooled with a abnormally higher rate...
Thanks!
How much is the fee to cash an Amex Traveler Check in Italy?
My impression was that you could walk into any American Express office in the world and cash your travelers checks with no charge. Your hotel may be able to cash some for you too.
Frankly though, its been an awfully long time since I last bothered to obtain travelers checks for travel abroad. I just use plastic, as my impression is that you generally get the best exchange rates that way and it's far more convenient than travelers checks. For cash (in the local currency), I just
use my home bank's ATM card in a local bank's ATM machine and let the banks deal with the currency conversions.
pulling teeth
How to treat the money received for accepting the cash offers to tender preferred shares for common stock?
I received cash for accepting an early offer (before maturity date) to exchange my preferred shares for common stock. How do I report this on my tax return? Instead of just reporting it as regular income, is there any way I can use this payment to reduce my cash basis in the common shares?
How to treat the money received for accepting the cash offers to tender preferred shares for common stock?
the tax guru has my vote.
My answer to ...How do I report this on my tax return?
is to simply wait for the IRS forms issued by the corporation who paid you the money. Could be a 1099 or a K1 perhaps.
Or go to them early and see if what you want it to be like ... can be accomplished.
good luck...
Reply:The exchange of preferred shares for common shares in the same company and cash is a recapitalization, also considered a reorganization (specifically a § 368(a)(1)(E) reorganization). The cash you received can be treated in one of three ways, depending upon the circumstances (not your choice!):
* As a dividend
* As a capital gain
* As a return of capital (nontaxable, reduced basis)
It is likely to be treated as a dividend if there were dividends in arrears on the preferred stock at the time of the exchange. There are other circumstances as well under which dividend treatment is required. Check the documentation that you received at the time the offer was made to see whether the company gave you a clue what treatment to expect.
The cash should be treated as a capital gain if it is not a dividend and if the total value you received (cash plus common stock) exceeded the basis in your preferred shares.
Finally, if neither of the preceding applies, the cash should be treated as a return of your investment. Not includible in income, and reduces your basis in the common shares.
Reply:i'd imagine it being part of your ordinary income, for common stocks, as long as you don't sell it, you report no gain... so even if the value of your portfolio increased by exchange, i don't think you pay any tax until it is sold
so, ordinary income, final answer
How to treat the money received for accepting the cash offers to tender preferred shares for common stock?
the tax guru has my vote.
My answer to ...How do I report this on my tax return?
is to simply wait for the IRS forms issued by the corporation who paid you the money. Could be a 1099 or a K1 perhaps.
Or go to them early and see if what you want it to be like ... can be accomplished.
good luck...
Reply:The exchange of preferred shares for common shares in the same company and cash is a recapitalization, also considered a reorganization (specifically a § 368(a)(1)(E) reorganization). The cash you received can be treated in one of three ways, depending upon the circumstances (not your choice!):
* As a dividend
* As a capital gain
* As a return of capital (nontaxable, reduced basis)
It is likely to be treated as a dividend if there were dividends in arrears on the preferred stock at the time of the exchange. There are other circumstances as well under which dividend treatment is required. Check the documentation that you received at the time the offer was made to see whether the company gave you a clue what treatment to expect.
The cash should be treated as a capital gain if it is not a dividend and if the total value you received (cash plus common stock) exceeded the basis in your preferred shares.
Finally, if neither of the preceding applies, the cash should be treated as a return of your investment. Not includible in income, and reduces your basis in the common shares.
Reply:i'd imagine it being part of your ordinary income, for common stocks, as long as you don't sell it, you report no gain... so even if the value of your portfolio increased by exchange, i don't think you pay any tax until it is sold
so, ordinary income, final answer
Is receiving checks made out to cash the same as receiving cash when claiming to IRS how much you make per yea
Is receiving checks made out to cash the same as receiving cash when claiming to IRS how much you make per year? Which is better to do and why? should i receive checks made out to cash or only receive cash? Because i dont want to be paying high taxes at the end of the year while im doing side jobs for cash. Can IRS find out you have been Cashing alot of checks payed to "CASH" in your account?
Is receiving checks made out to cash the same as receiving cash when claiming to IRS how much you make per yea
Income is income. It doesn't matter if it's paid in checks made out to Cash, cash, direct deposits, credit card charges, or frozen pizzas. It's all the same as far as the IRS is concerned. Your final tax liability won't change 2¢ based upon the method of payment.
Reply:Why not ask them: http://www.irs.gov/contact/index.html
Or just pay your fair share of taxes looser.
Reply:Whether you receive cash or checks made out to cash, it's taxable income. You imply that you aren't claiming it. When you get caught, you'll owe a lot more than you would have if you followed the law and paid your tax in the first place. You "don't want to be paying" your tax - I suppose you think everyone else wants to? What makes you so special that you don't have to follow the law?
There are a number of ways the IRS can end up catching up to you on the taxes you've been evading.
Reply:Let's see, you get audited. The IRS asks to see your bank statements and you go oh, those deposits don't count because the check was made out to cash. Dream on.
As for your customers who pay you in cash (I *always* write checks--I won't hire you otherwise...and if I suspect you don't pay taxes because you are dumb enough to tell me, I'll turn you in), you are still required to report every penny of this income. During that lovely audit, the IRS agent is going to add up what you spend (a "consumption" audit if you will) and if it's clear you aren't declaring all your income, you just expanded the audit to the last 6 YEARS.
And guess what, you finally comply, you full pay the SE tax and then you discover that the SSA won't credit you for earnings reported more than 3 years late. Good buy $25-$50-$100 a month in retirement benefits.
Reply:I paid taxes on every cent I made. It's people like you cheating the government that cost all honest people to pay more taxes. I don't know if they can trace it but I hope they do. You aught to be real proud of your self.
perfect teeth
Is receiving checks made out to cash the same as receiving cash when claiming to IRS how much you make per yea
Income is income. It doesn't matter if it's paid in checks made out to Cash, cash, direct deposits, credit card charges, or frozen pizzas. It's all the same as far as the IRS is concerned. Your final tax liability won't change 2¢ based upon the method of payment.
Reply:Why not ask them: http://www.irs.gov/contact/index.html
Or just pay your fair share of taxes looser.
Reply:Whether you receive cash or checks made out to cash, it's taxable income. You imply that you aren't claiming it. When you get caught, you'll owe a lot more than you would have if you followed the law and paid your tax in the first place. You "don't want to be paying" your tax - I suppose you think everyone else wants to? What makes you so special that you don't have to follow the law?
There are a number of ways the IRS can end up catching up to you on the taxes you've been evading.
Reply:Let's see, you get audited. The IRS asks to see your bank statements and you go oh, those deposits don't count because the check was made out to cash. Dream on.
As for your customers who pay you in cash (I *always* write checks--I won't hire you otherwise...and if I suspect you don't pay taxes because you are dumb enough to tell me, I'll turn you in), you are still required to report every penny of this income. During that lovely audit, the IRS agent is going to add up what you spend (a "consumption" audit if you will) and if it's clear you aren't declaring all your income, you just expanded the audit to the last 6 YEARS.
And guess what, you finally comply, you full pay the SE tax and then you discover that the SSA won't credit you for earnings reported more than 3 years late. Good buy $25-$50-$100 a month in retirement benefits.
Reply:I paid taxes on every cent I made. It's people like you cheating the government that cost all honest people to pay more taxes. I don't know if they can trace it but I hope they do. You aught to be real proud of your self.
perfect teeth
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