At the IRS you can be held guilty until proven innocent. Yes, that is correct, the way the rules are written the IRS can be totally unconstitutional. If you have too much cash on hand, it’s theirs. If they see you deposit too much, that too is theirs. Can you get it back? Not without major delays, difficulties, and litigation, and even then only a maybe. The deck is stacked against the small business man. Who will rein in the IRS? They won’t do it themselves. The money they seize goes in their coffers.
As Written By Ali Meyer, Free Beacon:
The IRS has seized $43 million from more than 600 individuals by accusing them of violating “structuring” laws even when there has been no evidence of criminal wrongdoing, according to testimony heard at the House Ways and Means Committee today.
In 2012, two armed IRS agents went to the farm of Randy Sowers, a dairy farmer for over three decades, to notify him that the IRS had seized the business’ bank account, which held more than $60,000. The agents told Sowers the IRS had done so because of structuring laws.
When an individual conducts a cash transaction in excess of $10,000, according to federal law, the bank must file a currency transaction report with the Treasury Department. It is unlawful for an individual to break up or “structure” cash deposits into amounts below $10,000 to avoid federal currency reporting.
“At that point, I had never before heard the term ‘structuring,’ and I had no idea that depositing cash in the bank could even potentially be a federal crime,” Sowers said. “Nobody from the bank or the government warned me that under-$10,000 bank deposits could lead to the seizure of our bank account. Indeed, nobody ……
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