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IRS Can Now Withdraw Money from Your TSP Account to Collect on Tax Debts - Pay & Benefits

Sunday, December 21, 2014 14:57

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An ethical person – like a politician, banker or lawyer – may know right from wrong, but unlike a politician, a moral person lives it. “Marx and Engels never tried to refute their opponents with argument. They insulted, ridiculed, derided, slandered, and traduced them, and in the use of these methods their followers are not less expert. Their polemic is directed never against the argument of the opponent, but always against his person.” – Socialism http://chasvoice.blogspot.com/

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The Internal Revenue Service can now officially dip into federal employees’ retirement savings to recoup delinquent tax debts.

The Federal Retirement Thrift Investment Board on Wednesday issued a final rule to implement a bill President Obama signed into law in early 2013 making TSP accounts subject to federal tax levies.

Lawmakers who supported the measure said it corrected a loophole that gave federal employees “special treatment” private-sector employees did not receive.

The board issued a proposed rule in June, which was essentially unchanged in its final iteration. The rule requires FRTIB to notify enrollees that the agency received a levy and that it will be withdrawing funds from the account to pay off the debt.

The IRS has to have “gone through a number of steps” before dipping into a federal employee’s retirement account, according to Kim Weaver, a TSP spokeswoman. The board then has the full account at its disposal to pay debts owed to the tax agency. The levy must be paid in a one-time sum and cannot come from an account that is not yet vested. Finish reading>>

Source: http://chasvoice.blogspot.com/2014/09/irs-can-now-withdraw-money-from-your.html

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