Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 271 August 13, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 271 August 13, 2004 |
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Another Gift From Your Legislators  No. It's not a new blackjack game. Though, it could be a gamble - for us. The Check Clearing for the 21st Century Act. Starting on October 28, 2004, none of us will be getting cancelled checks with our bank statements any longer. As they tell us in plain English: "To facilitate check truncation and electronic check exchange, the Check 21 Act authorizes a new negotiable instrument called a "substitute check." A substitute check is a paper reproduction of the original check that contains an image of the front and back of the original check and can be processed just like the original check." [uh, did you understand a word of that ....?] Basically, the Check 21 Act says that a properly prepared substitute check, from now on, will be the legal equivalent of the original check for all purposes. Yeah, just try to persuade IRS or your state. Of course, this also means, that with speeded up processing, you can no longer count on float to carry you until you deposit funds to cover checks you sent out. I call this new act - floating on cloud 21. Just wait until all the problems start. We already know many of the documents the banks digitize are not legible. Why do you think they'll start being less fuzzy just because Congress passed a law?  |
 
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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