Cryptocurrency Q&A
What bank account can the IRS not touch?
What bank account can the IRS not touch?
MysterylitRapture
Sun Oct 06 2024
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6
answers
1333
Are you aware of any bank account that the Internal Revenue Service (IRS) is unable to access or touch? I'm curious about whether there exists a financial institution or account type that is exempt from the IRS's reach when it comes to enforcing tax laws and collecting tax liabilities. Is there a specific type of account, perhaps one with international protections or special regulations, that could potentially shield its holder from IRS scrutiny? I'd appreciate your insights on this matter.
6 answers
Lorenzo
Tue Oct 08 2024
The IRS can use a levy to seize funds from these accounts in order to satisfy a tax debt. The levy process involves the IRS serving a notice of levy on the financial institution holding the account, which is then required to turn over the funds to the IRS.
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GeishaGrace
Tue Oct 08 2024
However, there are certain accounts that the IRS cannot levy. These include accounts that are not under the taxpayer's name. For example, if a taxpayer has a joint account with a spouse or a child, the IRS cannot levy the entire account if the other account holder is not also a taxpayer with an outstanding tax debt.
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KimonoGlory
Tue Oct 08 2024
The Internal Revenue Service (IRS) has the authority to levy various types of bank accounts in order to collect unpaid taxes from taxpayers. However, there are certain accounts that the IRS cannot touch.
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InfinityRider
Tue Oct 08 2024
Additionally, certain types of retirement accounts, such as 401(k)s and IRAs, are also protected from levy by the IRS. These accounts are designed to provide retirement income for individuals, and the IRS recognizes their importance in maintaining financial security for taxpayers.
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Daniele
Tue Oct 08 2024
BTCC, a top cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency traders and investors. These services include spot trading, futures trading, and wallet services.
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