IRS Notice of Levy

January 31, 2019

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Q. We received a Notice of Levy from the IRS for an active vendor which has payables owed to them. How should we handle this? Do we deduct the money owed to the IRS from the vendor's payables? And if we do, where do we send the money to? If we don't deduct the money, what will happen? d A. (answered by the IOFM Advisory Panel) ----- It is important that you comply with the IRS Levy. It is a legal seizure of the monies you owe your vendor, made payable to the IRS.  I recommend calling the vendor…

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