Receiving an LT11 (or a Letter 1058) Final Notice of Intent to Levy from the IRS can be overwhelming, especially when it arrives unexpectedly. This notice is a critical warning that the IRS intends to levy your assets if the outstanding tax liability is not addressed promptly. A levy is the IRS’s legal authority to…
On August 16, 2021, the IRS Director of Collection Policy issued a memorandum to provide guidance when FATCA[1] information should be used in IRS Collections cases. See SBSE-05-0821-0015 (the “Memo”) (available at the IRS website here: link). The new guidance from the Memo will be added to the Internal Revenue Manual effective August 16, 2021….
On Wednesday January 20, 2021, the Department of Treasury issued a memorandum[1] (the “Memo”) implementing temporary measures with respect to levy procedures to avoid levying bank accounts with funds from the second round of Economic Impact Payments.[2] The second round of economic impact payments (“EIP 2”) is generally $600 for individuals and $1,200 for married…
