Author Topic: IRS seizes woman's entire savings, she deposits less than $10,000 at a time  (Read 1327 times)

Offline meylou

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What are we to do?  Big brother is also monitoring how much you deposit. No wonder more Americans are giving up their citizenships.  :(


Wait... what?    10:28am ET
 
IRS seizes woman's entire savings because she deposits less than $10,000 at a time

An Iowa woman named Carole Hinders saw her bank balance go from $33,000 to zero thanks to IRS confiscation. Hinders, who owns a small, cash-only Mexican restaurant, has not been charged with any crime and is not suspected of tax fraud. The IRS says they took her money solely because she deposited too little of it at a time, and the agency claims she did so to avoid the required reporting of any bank transaction over $10,000. She says she just thought it was helpful to save the bank paperwork.

Though the $10,000 rule is ostensibly designed to help catch terrorists and drug dealers, it is far more often used on regular citizens who are unlikely to ever see their money returned. "I don't think [the IRS is] really interested in anything," said a lawyer representing another seizure case. "They just want the money."
To keep her restaurant afloat following the confiscation of her savings, Hinders has had to take out a second mortgage and max out her credit cards. "How can this happen?" she asks. "Who takes your money before they prove that you've done anything wrong with it?"
 - - Bonnie Kristian   

http://theweek.com/article/index/270692/speedreads-irs-seizes-womans-entire-savings-because-she-deposits-less-than-10000-at-a-time




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Offline Art, just a re(tired) Fil-Am

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I posted my comments on a forum in the U.S. to this same article! Here below are my comments!

A friend of mine just sent me an email concerning this matter! I was floored by it!
Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required!
Using a law designed to help catch drug traffickers, racketeers and terrorists!
 
We're none of those of the above! This just sounds all too wrong for the common person IMHO!
Isn't this IRS money seizure for no reason, a violation of our civil rights by the IRS?
It just has to be wrong to most of us retirees in the Philippines, just because of making deposits in foreign account under $10,000 to evade reporting requirements, called "structuring", a crime whether the money is from legal or illegal sources!
Under what law says this and how can IRS claim it to be illegal known as "structuring"? It's a new definition I've only heard and read just now!
I only transfer money to my RP USD account on a monthly basis just to cover our monthly living expenses here in the Philippines and it sure isn't any form of "structuring" and is not my intention to evade the FBAR or FACTA annual reporting requirements, because our banking transactions just happens to fall under $10,000 a year! 
There shouldn't be anything wrong with depositing less than $10,000 a year in one's foreign account while the remainder is left in our U.S. bank account for one's savings for emergencies or what ever!
Our paper trail is obvious and the IRS and the banks can see that! So, we should have nothing to worry about concerning the seizure of our money for no reason! 
« Last Edit: October 28, 2014, 02:51:24 AM by Art, just a re(tired) Fil/Am »
"Life is what we all make it to be"!
"It's always a matter of money"!
"Do on to others as they would do on to You, but do it first"!
"Different strokes for different folks"!
"Que Sera Sera"!

 


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