When it comes to understanding tax obligations and the measures the IRS takes to collect due taxes, the Form 668-A(ICS), officially titled as the Department of the Treasury – Internal Revenue Service Notice of Levy, plays a pivotal role. Issued on January 9, 2004, this form represents the IRS's legal claim to a taxpayer's property or rights to property in order to satisfy a tax debt. Serving as a wake-up call for those who might have fallen behind on their taxes, the document clearly states, "This isn't a bill for taxes you owe. This is a notice of levy we are using to collect money owed by the taxpayer named above." The form meticulously details the kind of tax owed, the tax period ended, and the unpaid balance along with any statutory additions, providing a clear view of the total amount due. Importantly, it outlines specific protections for certain assets, such as funds in IRAs and other retirement plans, unless a specific indication is made. The process and expectations from the recipients, often financial institutions or employers, are meticulously laid out—highlighting the criticality of adherence to the instructions provided, including the holding period for funds and the prohibition against deducting processing fees. This approach ensures a structured and transparent process that aims to safeguard both the IRS's and the taxpayer's interests, making clear the steps for compliance and outlining the repercussions of failing to adhere to the levy.
| Question | Answer |
|---|---|
| Form Name | Form 668 Aics |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | ICS, form 668 a pdf, form 668 a ics, 2000 |
SECTION 10: VENDORS
EXHIBIT 10B: IRS NOTICE OF LEVY
Form |
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Department of the Treasury – Internal Revenue Service |
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(Rev. Jan. 2003) |
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Notice of Levy |
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DATE: January 09, 2004 |
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TELEPHONE NUMBER |
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REPLY TO: Internal Revenue Service |
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OF IRS OFFICE: |
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Revenue Officer |
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NAME AND ADDRESS OF TAXPAYER: |
TO: SOA Department of Administration |
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John Smith |
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DBA The Business Co. |
PO Box 110200 |
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123 Main Street |
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Juneau, AK |
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Juneau, AK 99801 |
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IDENTIFYING NUMBER(S): |
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THIS ISN'T A BILL FOR TAXES YOU OWE. THIS IS A NOTICE OF LEVY WE ARE USING TO COLLECT MONEY OWED BY THE TAXPAYER NAMED
ABOVE.
Kind of Tax |
Tax Period Ended |
Unpaid Balance of Assessment |
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Statutory Additions
Total
1040
12/31/2000
$500.00
$ 100.00
$600.00
THIS LEVY WON'T ATTACH FUNDS IN IRAs,
T
$ 600.00
We figured the interest and late payment penalty to 12/31/2004
The Internal Revenue Code provides that there is a lien for the amount that is owed. Although we have given the notice and demand required by the Code, the amount owed hasn't been paid. This levy requires you to turn over to us this person's property and rights to property (such as money, credits, and bank deposits) that you have or which you are already obligated to pay this person. However, don't send us more than the “Total Amount Due.”
Money in banks, credit unions, savings and loans, and similar institutions described in section 408(n) of the Internal Revenue Code must be held for 21 calendar days from the day you receive this levy before you send us the money. Include any interest the person earns during the 21 days. Turn over any other money, property, credits, etc. that you have or are already obligated to pay the taxpayer, when you would have paid it if this person asked for payment.
Make a reasonable effort to identify all property and rights to property belonging to this person. At a minimum, search your records using the taxpayer's name, address, and identifying numbers(s) shown on this form. Don't offset money this person owes you without contacting us at the telephone number shown above for instructions. You may not subtract a processing fee from the amount you send us.
To respond to this levy —
1.Make your check or money order payable to United States Treasury.
2.Write the taxpayer's name, identifying number(s), kind of tax and tax period shown on this form, and “LEVY PROCEEDS” on your check or money order (not on a detachable stub.).
3.Complete the back of Part 3 of this form and mail it to us with your payment in the enclosed envelope.
4.Keep Part 1 of this form for your records and give the taxpayer Part 2 within 2 days.
If you don't owe any money to the taxpayer, please complete the back of Part 3, and mail that part back to us in the enclosed envelope.
Signature of Service Representative
Title
Revenue Officer
Part 1 – |
For Addressee |
Catalog No. 15704T www.irs.gov |
Form |
Accounting Procedures Manual, Financial Transactions
01/04 (Revised 01/04)