IRM Interim Guidance: Pre, Post Levy Actions Involving Paycheck Protection Program Funds (IRC §6331)

Revision to Internal Revenue Manual 5.11.2, Serving Levies, Releasing Levies And Returning Property, and 5.19.4, Enforcement Action, that would implement a temporary deviation to the collection activities that modify release of levy procedures in situations involving Paycheck Protection Program (PPP) funds, released November 4. Instructions for IRS employees on pre-levy determinations and levy release determinations are outlined. Until December 31, 2020 (the date by which all PPP funds must be spent), when known, IRS employees should not levy on a bank account that contains PPP funds received, the IRS noted. When PPP funds are levied inadvertently, IRS employees ...