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A bank tax, or a bank levy, is a tax on banks which was discussed in the context of the financial crisis of 2007–08. The bank tax is levied on the capital at risk of financial institutions, excluding federally insured deposits, with the aim of discouraging banks from taking unnecessary risks. The bank tax is levied on a limited number of ...
e. A tax levy under United States federal law is an administrative action by the Internal Revenue Service (IRS) under statutory authority, generally without going to court, to seize property to satisfy a tax liability. The levy "includes the power of distraint and seizure by any means". [1] The general rule is that no court permission is ...
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [2] Specifically, the act requires financial institutions to keep records of cash purchases of ...
Account levy: The government can place a levy on your accounts, such as bank accounts or retirement accounts, for unpaid taxes. After 30 days, the notice period for you to contest the levy or make ...
The European Union financial transaction tax ( EU FTT) is a proposal made by the European Commission to introduce a financial transaction tax (FTT) within some of the member states of the European Union (EU). The proposed EU financial transaction tax would be separate from a bank levy, or a resolution levy, which some governments are proposing ...
Under U.S. federal tax law, a garnishment by the Internal Revenue Service (IRS) is a form of administrative levy. In the case of an IRS levy, no court order is required. Only a few requirements must be met before the IRS starts a wage garnishment: The IRS must have assessed the tax and must have sent a written Notice and Demand for Payment;
Wachovia Bank, NA, 550 U.S. 1 (2007) The Gramm–Leach–Bliley Act ( GLBA ), also known as the Financial Services Modernization Act of 1999, ( Pub. L. 106–102 (text) (PDF), 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing ...
Compliance by the recipient of the NSL was voluntary, and states' consumer privacy laws often allowed financial institutions to decline the requests. In 1986, Congress amended RFPA to allow the government to compel disclosure of the requested information. The USA PATRIOT Act of 2001 amended the RFPA. See also. Money portal; Banks portal