The Reach of an IRS Levy on Beneficiaries of Corporate Trustees
By EsqSocial Corporation 27/01/21
The IRS’s reach in collecting unpaid and assessed taxes is broad, pervasive, and aimed “to reach every interest in property that a taxpayer may have” United States v. National Bank of Commerce, 472 U.S. 713, 719–720 (1985) (emphasis supplied). In exercising its expansive collection powers, the IRS often serves levies on banks, financial institutions, and other corporate entities acting as trustees concerning the administration of various trusts....
By: Nexsen Pruet, PLLC