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IRS Publication 1494 Released For 2022
IRS has released its Publication 1494 for 2022. You may need the tables contained in the publication when the IRS orders a levy on an employee’s wages. The tables provided in Publication 1494 tell you how much of an employee’s take-home pay is exempt from an IRS levy.
You calculate the exempt amount based on the employee’s filing status and the number of dependents. That statement is provided on a statement which the employee completes and returns to the employer. An employee is to provide their employer with this information within 3 days.
IRS Levy examples tied to
Consider these examples when using Publication 1494:
Let’s say you have a biweekly payroll. According to the statement, the employee is married filing jointly, with two dependents. Then $1,334.61 would be exempt from the tax levy.
You may have a weekly payroll. If the statement lets you know that the employee is a single taxpayer with three dependents, $502.90 would be exempt from the IRS levy.
If the employee has been negligent and you haven’t received the statement from the employee within three days, you are ordered by the IRS to proceed anyway. You’d figure the exempt amount based on married filing separately, with zero dependents. As you can read, it is in the best interest of the employee to co-operate.
Be careful: In addition to wages, IRS takes into account salaries, fees, bonuses, commissions, and other income for purposes of Publication 1494.
What if I Receive an IRS Levy Against One of My Employees, Vendors, Customers, or Other Third Parties?
An employer may learn of an employee’s tax delinquency when IRS sends Form 668-W(ACS), Form 668-W(ICS), or Form 668-W(C)(DO).
You generally have one full pay period after receiving the order to levy before you need to send the employee’s funds to IRS.
Can I Do Anything To Help My Employee?
What you can do is to have your employee give the IRS problem-solvers at Flat Fee Tax Relief. Our tax practitioners have never failed to have an IRS wage levy stopped and released. We have been providing IRS tax debt help for more than a decade.
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