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#1617062 - 10/18/11 03:07 PM Penalty for not holding funds for IRS Tax Levy
syp Offline
New Poster

Registered: 06/17/05
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?

#1617301 - 10/18/11 08:22 PM Re: Penalty for not holding funds for IRS Tax Levy [Re: syp]
Deputy Dawn Offline
Gold Star

Registered: 02/21/07
Posts: 453
Loc: Pennsylvania
Is the account balance at the time of your hold the same as the account balance for the day you received the levy?

#1627220 - 11/10/11 11:35 AM Re: Penalty for not holding funds for IRS Tax Levy [Re: Deputy Dawn]
law Offline
100 Club

Registered: 01/06/06
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.