Sec. 16. Release of IRS levy due to economic hardship for business taxpayers
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/bill/115/s/2689/is/section-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(D)of section 6343(a)(1) of the Internal Revenue Code of 1986 is amended by striking or and inserting including the financial condition of the taxpayer's viable trade or business, or . Subsection
(a)of section 6343 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In determining whether to release any levy under paragraph (1)(D), the Secretary shall consider— the economic viability of the business, the nature and extent of the hardship created by the levy (including whether the taxpayer has exercised ordinary business care and prudence), and the potential harm to individuals if the business is liquidated. . The amendments made by this section shall apply to levies made after the date of the enactment of this Act.