Skip to content
BOL Conferences
Learn More - Click Here!

Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums State-Specific Compliance Issues Pennsylvania Penalty for not holding funds for IRS Tax Levy
Thread Options
#1617062 - 10/18/11 07:07 PM Penalty for not holding funds for IRS Tax Levy
syp Offline
New Poster
Joined: Jun 2005
Posts: 11
If we do not get a hold on an account on the day we receive an IRS Tax Levy what is the penalty?

Return to Top
#1617301 - 10/19/11 12:22 AM Re: Penalty for not holding funds for IRS Tax Levy syp
Deputy Dawn Offline
Gold Star
Deputy Dawn
Joined: Feb 2007
Posts: 485
Pennsylvania
Is the account balance at the time of your hold the same as the account balance for the day you received the levy?

Return to Top
#1627220 - 11/10/11 04:35 PM Re: Penalty for not holding funds for IRS Tax Levy Deputy Dawn
law Offline
100 Club
Joined: Jan 2006
Posts: 154
We are actually working on our Business Impact Analysis for Disaster Recovery. If because of a disaster we did not get the hold on the account, we were wondering the financial impact on the bank.

Return to Top