Vendor Guru Q&A - Compliance

Latest Compliance - IRS Levy Topics

IRS Levy Payment After 21 Days Code Details

09/29/2019

An IRS levy requires payment after 21 days. - When the 21st day is on a non-business date, when should the funds be sent? - Are the 21 days calendar days? I have found no information in the IRS codes addressing the details of 21 days.

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?

Premium Content View All

Subpoena Disclosure to Customer

Question: When we get an IRS levy, we contact the customer after we have taken the money out of the account.

Tx Specific Deposit Forms

10/02/2022

This is actually Texas specific, but I need help. Does the Uniform Single- Or Multiple-Party Account Form apply to sole proprietorship accounts? I cannot find a clear answer on the applicability to this account or entity type.

Don't make this CRA mistake!

10/02/2022

What's the worst mistake a bank can make regarding the CRA?

A bank's most important CRA decision

10/02/2022

What is the most important CRA decision a bank makes?

Time Limit to Recall ACH

10/02/2022

Our credit union received a request for a return for an ACH transaction that was made in error. The request was sent to via fax on 9/1/2022. The original transaction was dated 7/22/2022 and is now outside of the return time frame. Is the CU required to honor this return and, if so, is it acceptable to honor a fax'ed request? We are under the impression that it would need to go through the Federal Reserve. Any advice that you can offer would be greatly appreciated.

Chargeback Rep Payee Returned Check

10/02/2022

If we cashed a third party check for the customer who has a Rep Payee account and the check comes back as fraud, are we able to charge that check back to our customer's account since it is a Rep Payee account?

Latest Compliance - IRS Levy Topics

Pages

hot right now