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If you are in receipt of an IRS tax levy and need to have immediate tax relief call us today for a free initial tax consultation.
IRS has the right to seize almost anything may want including your pension plan, 401(k), or other benefits. please see below.
NOTE:
Before the Internal Revenue Service will levy a pension plan, 401(k) or other retirement benefits the IRS must use discretion to the point that must be signed off by the higher-ups within the system and supervisory positions.
They just do not levy retirement income unless they have a justifiable reason. The applicable code section below.
5.11.6.1 (01-22-2010) Retirement Income
1. Use discretion before levying retirement income. See IRM 1.2.44.4, Delegation Order 5-3 (Rev-1), which outlines the authority to levy on property in the hands of a third-party (not to include Levy Form 668-B, Levy). For more information on pre-levy considerations, see IRM 5.11.1.3.1,Pre-Levy Considerations.
2. A notice of levy is continuous for wages and salary.
Other levies only reach property a third-party is holding when the levy is received. Reminder: References to property include rights to property.
3. As long as the taxpayer has a fixed and determinable right to property, a levy attaches that right.
Therefore, a levy on retirement income can reach payments in the future whether or not the taxpayer has begun receiving payments when the levy is served.
This often means that a levy on retirement income reaches future payments. Because this type of levy may begin attaching payments long after the levy is served, follow-up when the taxpayer is expected to become eligible to receive payments.
Also see IRM 5.11.5.6.2(6) Systemic Monitoring of Continuous Levy Payments regarding input of transaction code (TC) 971 action code (AC) 687 and IRM 5.11.7.2.5.1, FPLP and Paper Levy (Form 668-A/668-W), for discussion regarding the Federal Payment Levy Program (FPLP) and paper levies. Consider setting a mandatory follow-up for Bal Due accounts reported currently not collectible.
4. If the taxpayer has the right to receive future payment but has not opted to do so, the levy attaches that right.
5. A levy served while the taxpayer is receiving periodic payments reaches payments due then, as well as payments as they become due later, as long as there is already a fixed and determinable right to the future payments.
6. A levy on a fixed and determinable right to receive future payment (e.g., retirement or pension income, Social Security benefits), made within the statutory period for collection, remains enforceable to the extent of the value of the property levied even if the property itself is not turned over within the statutory period for collection.
If the IRS is levied you and you need immediate and permanent tax relief call us today for a free initial tax consultation
