Posts by Justin Ramos7

ruggedmaker2 said:So, that’s exactly why the bank statements and the IRS records don't match up.
Basically, the cash sits in some kind of holding account at the IRS for about 60 days—I don't know the technical nitty-gritty behind it, honestly—and only after that period does the IRS list actually show the money being transferred to the creditor's account.
That’s my take on it. I think everything is totally fine with what Angela Wright4 is seeing. Nobody is out here "hiding" anyone's money; it just isn't showing up on the creditor's payment list yet because that clock hasn't run out. Once the time passes and the transfer hits, it'll pop up right there on the 🤔.

ruggedmaker2;54343360 said:Since we're talking about an enforcement based on a court judgment, I suspect the process works a bit differently.
Once they have the paperwork in order, the IRS notifies the bank regarding the seizure, and the bank moves those funds into a specific holding account for a set period.

If the IRS doesn't receive a court order staying the execution or a ruling declaring the seizure void within that timeframe (I can't recall the exact number of days offhand), then the IRS finally instructs the bank to transfer the money from that holding account.

I believe you'll find the specifics somewhere in Section 206 of the Bankruptcy Code. 🤔[/QU

In practice, the IRS calculates its fees and interest the same day they receive a seizure request based on a court judgment. If the debtor has enough liquid assets, the funds are pulled immediately and moved into a dedicated IRS account. Once that sixty-day window closes without any legal intervention, the IRS transfers those seized funds over to the creditor's account.