IRS Bank Levy or Wage Levy: What to Do | McDowell Law Group
If you owe back taxes and do not pay or make other arrangements, the IRS can levy your bank account, wages, or other property to collect the debt. An IRS bank levy can freeze funds in your account, while an IRS wage levy (often called wage garnishment) can reduce each...
The Trust Fund Recovery Penalty: When Your Business’s Payroll Taxes Become Your Personal Debt
What Is the Trust Fund Recovery Penalty (TFRP)? When a business runs payroll, it withholds federal income tax and the employee’s share of Social Security and Medicare taxes from each paycheck. The employer holds those amounts in trust until it pays them to the...
COVID-Era IRS Penalties and Interest May Be Refundable
If You Paid or Were Assessed Penalties or Interest by the IRS During the COVID-19 Pandemic, You May Be Due a Refund A Federal disaster declaration was in effect for the COVID-19 pandemic from January 20, 2020, through May 11, 2023. A recent court decision (Kwong v....
What Can You Expect From the IRS During the Government Shutdown?
Keep your expectations low. In their defense, the reduction in the IRS’s workforce during 2025 is limiting the IRS’s capabilities, which in turn is creating uncertainty and frustration in getting issues resolved. The Federal Government Shutdown Is Further...