Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
The Internal Revenue Service under IRC Section 6331 has the authority to seize retirement accounts to satisfy federal taxes owed by plan participants in specific scenarios. In general terms, the IRS will mail Forms 668-W or Forms 668-A, which is a notice of levy, to the retirement plan administrator to seize assets. It is extremely important to engage a tax attorney or enrolled agent to represent your interests in a dispute with the Service.
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The Internal Revenue Service under IRC Section 6331 has the authority to seize retirement accounts to satisfy federal taxes owed by plan participants in specific scenarios. In general terms, the IRS will mail Forms 668-W or Forms 668-A, which is a notice of levy, to the retirement plan administrator to seize assets. It is extremely important to engage a tax attorney or enrolled agent to represent your interests in a dispute with the Service.