Are Small Businesses Under Attack From the IRS?
The Internal Revenue Service has seized the bank accounts of hundreds of innocent business owners.
Using the powers granted under the Civil Asset Forfeiture Reform Act of 2000, which was designed to help federal agencies catch drug dealers, terrorists and other criminals, the IRS has been legally seizing the bank accounts of law-abiding business owners who have consistently made cash bank deposits less than the federal bank reporting minimum of $10,000.
The New York Times reported that hundreds of these cash-only business had their entire bank accounts seized by the IRS in the past few years because the agency is permitted, through the process of civil asset forfeiture, to seize assets out of suspicion when a pattern of sub-$10,000 cash deposits are made.
The law grants the IRS ability to claim that when a person makes frequent small deposits into their own bank account that they are, with criminal intent, trying to avoid the federal requirement that forces banks to report cash transactions of $10,000 or more. This is a process the IRS calls structuring. Thus, the IRS is allowed to seize bank accounts of people accused of structuring without them being charged or convicted of any particular crime.
Read more at http://www.christianpost.com/news/irs-has-been-seizing-bank-accounts-of-law-abiding-small-business-owners-128772/
