Dear Liz: You recently answered a reader whose check to the U.S. Treasury had been stolen and forged to another recipient. You suggested sending electronic checks instead. However, our accountant gives us forms that I thought needed to be included with a paper check to ensure the correct accounting of our taxes. Can we just send a check from our bank with the last four digits of our SSNs in the memo field?
Answer: It’s unfortunate your accountant hasn’t walked you through the relatively simple process of paying your taxes online. The electronic systems match your payment with your return. You only need to send in paper forms or vouchers if you’re also sending paper checks.
And you shouldn’t be sending checks in the mail if you can possibly avoid it. Given the surge in mail theft and check fraud, it really is past time to switch to electronic payments.
Today’s top story: IRS tax payments are now due in July. Here’s what that means for you. Also in the news: Taking your banking online during social distancing, why a used EV should be your teen’s first car, and what to do about your rewards travel plans.
Today’s top story: Finding the best student loan repayment plan. Also in the news: How student loans affect your taxes, calculating monthly car costs, and tax payment options for when you owe the IRS.