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Form 668-B IN: What You Should Know
Form 668 and Form 2433-A — Bank Records, (e.g. bank statements) | IRS Form 668: A Notice to Claim Unused Levy Rights (b) How to Prepare You Bank Records: If you own non-exempt depository institutions, including savings and loans and savings and loan institutions, you must retain these records. You cannot rely solely on tax return preparers.  You must prepare your records using: How to Prepare Your Bank Records: Form T1144 (a) Bank Records Required To Claim An Unused Levy Right As a bank, you must retain all accounts and information related to: (2) All Deposits; or (4) All Deposits, including all electronic records What's Required | What To Do. 5.10.8 Bank Record (1) In the event of a seizure of assets or use of proceeds, the bank must: (2) File all bank records as part of the required return What to Do If an IRS Seizure of Your Bank Record or Electronic Information is In Process If you believe your bank records or any electronic files were inappropriately used, or your online or phone banking account data or login information were obtained unlawfully, please contact the bank that owns the records or the third party that provided the information. If you do not believe your bank records or electronic records have been improperly used, you should wait until the IRS has notified you and filed the appropriate return. Please send your completed Form 4040(B), Statement of Account (Form 8700), Statement of Information (Form 8703) and Form T1394(B), Disclosure Statement, to the following address: What Does an IRS Seizure of your Bank Record or Electronic Information Mean? If your bank records or electronic files have been improperly used by the IRS or other parties to make an involuntary lien for assets, you can claim that you were not knowingly and adversely affected by the improper use of your bank records or electronic files. If you do, you have the right to challenge the IRS and/or any other parties in a lawsuit to determine which of your bank records or electronic files were improperly used. What Do You Have to Do? You must report to the IRS any seizure of assets involving non-exempt accounts, electronic or non-electronic data, or financial records. (a) Report Information to the IRS.
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