Latest Compliance - IRS Levy Topics

IRS Levy- Hold On Account for 21 Days?

12/02/2018

I've never seen an IRS levy handled this way. The levy puts a hold on the account for 21 days before the bank sends the money. The 21 days is to give the customer time to get the hold released. Is this common?

IRS Levy on Account w/Return Check NSF

05/27/2013

We received an IRS Levy last week, and our customer had $800 available at the time the levy was received. We placed a hold on the funds. Two days later we received notice that a $3,000 check he deposited was being returned for NSF. This meant true account balance available would have been ($2,200) at the time of levy. When we received the $3,000 check back, we debited his account, and he was negative. He has since deposited cash and has $100 available (including the $800 hold for levy). Checks are now presenting that we could pay if the $800 hold was not there. What am I obligated to pay the IRS now?

Compliance Responsibility Non IRS Levy

01/21/2013

When receiving a non IRS levy, what is the banks compliance responsibility to these? They are from local collections firms, and do have court orders attached.

Does an IRS Tax Levy Apply to Protected Funds?

05/14/2012

Does an IRS tax levy apply to protected funds? Our depositor receives SSI into their dda account.

How to Remove/Revoke Levy Against an Account

04/23/2012

If we have placed a levy against an account, how does it get revoked or removed? Is there specific documents that we must receive in order to do so?

IRS Levies and Garnishment Rules

05/16/2011

Is an IRS Levy considered a Garnishment by the United States, or is a Writ of Garnishment by the United States simply when the US is the creditor? In other words, do IRS levies fall under the new rule?

IRS Levy and the SSCRA

05/03/2004

Can a bank proceed with an IRS levy on a military individual who's protected under the Soldier's and Sailor's Civil Relief Act of 1940 and Executive Order No. 12744, 56 Fed. Reg. 2663? Can the IRS levy against these individuals while protected under this Act and Orders?

Do IRS tax levies require a court order?

11/05/2001

A customer is claiming that IRS tax levies are not valid unless accompanied by a court order. Have you heard of this?