The IRS’s Small Business-Self-Employed Div. has temporarily modified its levy procedures to avoid tapping the second round of Economic Impact Payments (EIP 2) received by certain taxpayers. A memo instructs IRS employees to determine, before taking any enforcement action, 1) if a taxpayer received an EIP 2 payment and in what amount, and 2) when and where the funds were deposited. The memo states that employees should use “soft contact” procedures before initiating enforcement procedures and shouldn’t knowingly levy on a bank account that contains EIP 2 funds that a taxpayer received within the previous eight weeks. These modified procedures are in effect until April 15, 2021. Call or visit our website for more information! www.mjscpa.com/
