Give the taxpayer Form 668-A(ICS), Part 2 within two days of receipt. How to Respond to a Levy When No Funds Are Due • When no funds are due complete ...
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Card Payment Levies: What is a Levy and How to Respond Presented by Frederick Schindler SB/SE Collection Policy Director June 30, 2010 The information contained in this presentation is current as of the date it was presented. It should not be considered official guidance.
Objectives – What a levy is? – Circumstances when a levy is used. – What funds are attached by a levy? – How to respond to the receipt of a Notice of Levy. – How to contact the IRS regarding a levy.
What is an IRS Levy? • An IRS levy is an administrative taking of taxpayer’s property. • An IRS levy attaches to property. • IRS may levy cash, money, or credits a third party is obligated to pay the person named on the levy. • The Form 668-A(ICS) is a Notice of Levy.
Form 668-A(ICS), Notice of Levy
When does the IRS Issue a Levy? • The taxpayer has an unpaid federal tax debt and • The taxpayer neglects or refuses to pay the federal tax debt and • The IRS believes the taxpayer is due funds from a third-party.
When does the IRS Issue a Merchant Account Levy? • The taxpayer is due to receive card payment receipts per a merchant account agreement. • IRS serves a levy to obtain receipts owed to the merchants/taxpayers.
Levy Attaches Merchant Account Funds • The acquirer or processor is obligated to pay the taxpayer for all validated card payment sales. • The obligation arises at the time of sale. • The levy requires the acquirer or processor to turn over obligated funds to the IRS. – Internal Revenue Code 6331(b)
• The levy also attaches to amounts held in a reserve or chargeback account. – Internal Revenue Code 6332(a)
Timing of Levy on Merchant Account Funds • Funds obligated to be paid daily are to be paid to the IRS upon receipt of a Notice of levy. • Funds in reserve or chargeback accounts are to paid to the IRS upon receipt of a Notice of Levy. • The levy is not continuous.
Merchant Account Statement Statement is below:
What To Do When a Levy is Received • Note the time and date the levy is received • Identify all property belonging to the person named on the levy • Search your records using name, address and identifying number
Calculating the Levy Payment • Total the funds obligated to be paid to the merchant • Do not offset any money the merchant owes the acquirer or processor. • Do not subtract a levy processing fee from the amount remitted to IRS.
How to Respond to a Levy With a Payment • Make the check payable to United States Treasury. • Write the taxpayer’s identifying information on the payment. • Return the completed back of Form 668-A (ICS), Part 3 with the payment. • Keep Form 668-A(ICS), Part 1 for your records. Give the taxpayer Form 668A(ICS), Part 2 within two days of receipt.
How to Respond to a Levy When No Funds Are Due • When no funds are due complete the back of Part 3 of the Form 668-A (ICS).
Contacting the IRS • Refer to the telephone number and name on the Notice of Levy.
Questions? Toll Free (888) 674-0224 or (201) 604-0502 (Long distance charges may apply.)
