IRS REFUND CHECKS | RURAL AMERICANS AND THE INTERNET | A SIX-YEAR-OLD INSPIRES US

Cashing That IRS Refund Check

For some of us, we wonder if such a thing as an IRS refund check really exists. However, the IRS has reported that it issues some $73 million in refund checks to taxpayers across the country. In some cases, and the number are increasing, the taxpayer requests that the refund be directly deposited to the supplied account number on the tax form. The electronic transfer will occur even if it is not a joint account and the return was a joint return. But for those couples who are awaiting a refund check from the IRS, be prepared to follow the correct procedures for cashing the check to avoid further delays. If you file jointly, the IRS will make out the refund check (if you are entitled to one) to both names that are listed on the tax return. That could create a problem if only one of the persons named on the refund check endorses and tries to deposit it.

A section of the Uniform Commercial Code (and banks do pay attention to it) holds banks accountable if the bank deposits money into the wrong account. As the average IRS tax refund exceeds $1,600, banks could well refuse to deposit or cash a check made out to two parties but only endorsed by one party.

While this is all up to the discretion of the individual banking institution, it makes sense to avoid another delay when that long-awaited check finally arrives.

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Alan Greenspan - rural Americans and the internet

Federal Reserve Chairman Alan Greenspan made a satellite appearance in Kansas City. He spoke to the Federal Reserve Bank about the economy in rural America. He says the internet is creating better job-opportunities and a better way of life and that rural-Americans have access to more goods and services because of the internet. 5/2/2k

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A 6-year-old gives a lesson in giving

From an editorial by the KALAMAZOO GAZETTE Michigan

For most of us, giving to the needy involves writing a check, almost as an afterthought. Sometimes we have contributions taken out of our paychecks and we hardly notice it. Or we drop some spare change into a local or national charity's collection canisters beside the cash registers of local restaurants after lunch, or a few bills into the kettle outside the mall while we're hurrying to do our Christmas shopping.

It is usually impersonal, with no meeting of the giver and the recipient. It is usually painless.

That makes the gift of a 6-year-old Michigan boy, Matthew Weaver, to the Kalamazoo County Head Start program all that more remarkable.Matthew, a student at Gagie School in Kalamazoo, recently had a birthday party. He invited more than 20 of his friends and asked that instead of birthday gifts to him they bring gifts to deliver to Head Start children. When it was over, the toys, books and games went into the hands of homeless children enrolled in Head Start.

At a time when the violent action of one 6-year-old against another on the eastern side of the state has captured the attention of the nation, let's also give some recognition to Matthew.

Matthew said he was inspired by a teacher's project at Gagie School.

Perhaps at least a few children - and even adults - who read about Matthew likewise will be inspired to more personal acts of giving.

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The following is intended as general information and does not represent legal or tax advice. Individual circumstances vary - please consult your legal and tax advisors about your specific situation.