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#1528220 - 03/29/11 04:13 PM IRS Levy
Georgia Plum

If we receive an IRS Levy and there are some funds in the account but not enough to cover the whole levy amount, are we allowed to deduct our fee before remitting to IRS? If not, can we still charge a fee and try to collect from the customer?
Last edited by Georgia Plum; 03/29/11 04:14 PM.
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Operations Compliance
#1528221 - 03/29/11 04:14 PM Re: IRS Levy
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 82,995
Galveston, TX
Absolutely not on an IRS levy.
The opinions expressed here should not be construed to be those of my employer:

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#1528283 - 03/29/11 05:26 PM Re: IRS Levy rlcarey
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
Wait. This is a 2-part question. Randy is correct that you cannot deduct anything from available funds on an IRS Levy, but there is nothing saying you cannot overdraw the account for your fee. The worst thing that can happen is that the customer will not make a deposit and you will have to reverse your fee.

Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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#1528302 - 03/29/11 05:40 PM Re: IRS Levy Al Miller
Georgia Plum

Al, that's my fault. I amended the question as Randy was answering the first part. He didn't see the second part because at the time it wasn't there.

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