IRS Memo Requires Use of FATCA Data in Certain Collection Cases

IRS Memo Requires Use of FATCA Data in Certain Collection Cases

ByJustin Hughes - JD, CPA, LLM

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….

Treasury Issuance Guidance to IRS Collections to Avoid Levy of EIP 2 Funds
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Treasury Issuance Guidance to IRS Collections to Avoid Levy of EIP 2 Funds

ByJustin Hughes - JD, CPA, LLM

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…