Site Map Icon
RSS Feed icon
 
 
 
December 22, 2014
Senate Passes Bill to Make Thrift Savings Fund Accounts Subject to Federal Tax Levy
Posted On: Jan 09, 2013

 

On January 1st, the Senate passed HR 4365, which amends the IRS Code to make clear that TSP funds are subject to IRS levy for payment of delinquent taxes.  The bill had passed the House of Representatives in August of this year.  The legislation would bring the TSP in line with private sector 401(k) savings plans, which are already subject to such a levy.  It also codifies a decision by the Department of Justice’s Office of Legal Policy that the IRS was within its rights to collect the levy from the Thrift Savings Fund. 

Generally, TSP funds are protected from execution, levy attachment, garnishment, or other legal processes.  They are subject to a narrow set of court orders including child support, alimony, property settlement or some national security offenses and now, delinquent taxes. The bill goes to the President, who is expected to sign the bill.


Member Login
Username:

Password:


Not registered yet?
Click Here to sign-up

Forgot Your Login?
Site Search
Site Map
RSS Feeds
<< December 2014 >>
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
Action Center
Nteu El Paso

Create Your Badge
 
 
NTEU Chapter 143
Copyright © 2014, All Rights Reserved.
Powered By UnionActive™

153240 hits since Jun 22, 2009
Visit Unions-America.com!

Top of Page image