Author Topic: IRS Apologizes for Seizing Bank Accounts of Small Businesses (Read 394 times)

mystery-ak · « **on:** February 11, 2015, 06:35:48 pm »

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Newsmax
IRS Apologizes for Seizing Bank Accounts of Small Businesses
Wednesday, February 11, 2015 12:49 PM

By: By STEPHEN OHLEMACHER

Pressured by Congress, the IRS has apologized for seizing banks accounts from otherwise law-abiding business owners simply because those owners structured bank transactions to avoid federal reporting requirements.

The alleged crime was that they routinely made bank deposits of less than $10,000. That allowed the business owners to avoid reporting requirements designed to catch drug dealers and money launderers.

IRS Commissioner John Koskinen told Congress Wednesday that the IRS is changing policies to prevent the seizures, as long as the money came from legal means.

By law, bank transactions above $10,000 must be reported to the IRS. It's a felony to structure deposits to avoid the reporting requirement, even if the money is legally earned.

In some cases, the IRS seized and held bank accounts for years without bringing charges.

rb224315 · « **Reply #1 on:** February 11, 2015, 07:18:52 pm »

Quote from: mystery-ak on February 11, 2015, 06:35:48 pm

By law, bank transactions above $10,000 must be reported to the IRS. It's a felony to structure deposits to avoid the reporting requirement, even if the money is legally earned.

<stuff snipped />

In some cases, the IRS seized and held bank accounts for years without bringing charges.

Typical of the IRS -- you're guilty until proven innocent. They can drive almost anyone into bankruptcy by continually hounding them for more proof of innocence.