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Business has a bank levy for 941 Penalties. They were a semi-weekly

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Business has a bank levy for 941 Penalties. They were a semi-weekly depositor for 2009 due to the lookback period. They paid taxes on 15th of every month like they always had. We have recomputed the penalties and instead of owing 6400.00 it is around 4800.00. Question, will IRS release levy if this is paid in full? The 21 day period is up this Friday and they can pay today. Thanks

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.


The IRS will not release a levy until the amount they see as due is paid. You can oresent your calculations to the IRS and ask them to adjust their findings. They will probably not agree.


I would take a slightly different approach to this. I would pay the levy so it comes off the open status at the IRS and then present your calculations asking for a refund of the difference. The business will be able to continue operating without this hanging over them.

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