IRS May be Given Authority to Seize TSP Accounts for Unpaid Taxes

Lawmakers are scheduled to act on a bill that would allow the Internal Revenue Service to seize money from Thrift Savings Plan accounts of federal workers for unpaid taxes. The Thrift Savings Plan serves as a retirement investment fund for federal workers. The House passed legislation this summer allowing TSP accounts to be subject a law that allows the IRS to collect for unpaid taxes. The Senate will vote on its version of the bill in December. Read more (Government Executive).