Article

2017-04-08 Government

The IRS took millions from innocent people because of how they managed their bank accounts, inspector general finds

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Posted by g(r)omgoru 2017-04-08 04:09|| || Front Page|| [11131 views ] Top

#1 Obama gets credit for this inspector general, I think. The IRS abuses go way back.

Posted by Glenmore 2017-04-08 08:28|| 2017-04-08 08:28|| Front Page Top

#2 "The IRS took millions from innocent people because":
(a)they can
(b)this what they do.

Posted by ed in texas 2017-04-08 12:11|| 2017-04-08 12:11|| Front Page Top

#3 Intentionally splitting up large sums of cash into sub-$10,000 amounts to avoid that reporting requirement is known as “structuring” and is illegal under the federal Bank Secrecy Act.

But many business owners engaged in perfectly legal activities may be unaware of the law. ...
While structuring is technically a crime, it's something of a secondary one. The reporting requirements were enacted to detect serious criminal activity, such as drug dealing and terrorism.

THIS PART OF THE LAW IS JUST PLAIN B.S. Congress should repeal it. $10,000 is worth very little after the money printing spree of the Federal Reserve these last 10 years.
Banks tend to look suspiciously at any deposit over $5000 or so, I have found.

Posted by Anguper Hupomosing9418 2017-04-08 14:26|| 2017-04-08 14:26|| Front Page Top

#4 More from the article:
It is unclear whether structuring forfeiture cases make up a small or large percentage of all IRS forfeitures, because the IRS does not publish that information and denied requests filed under the Freedom of Information Act to make it public.
Couldn't Congress easily mandate reports be published within 12 hours of forfeiture and make it a FELONY for any IRS employee to process a forfeiture without such notice.

Posted by Anguper Hupomosing9418 2017-04-08 14:29|| 2017-04-08 14:29|| Front Page Top

#5 This "Bank Secrecy Act" looks like a license to steal.

Posted by Anguper Hupomosing9418 2017-04-08 14:30|| 2017-04-08 14:30|| Front Page Top

#6 The end game is to get rid of cash - electronic fund transfer only, so nothing can be hidden from the tax man, or even from confiscation.

Posted by Glenmore 2017-04-08 14:45|| 2017-04-08 14:45|| Front Page Top

#7 The end game is to get rid of cash - electronic fund transfer only, so nothing can be hidden from the tax man, or even from confiscation. Posted by Glenmore

I fear you are exactly right Glen.

Posted by Besoeker 2017-04-08 15:15|| 2017-04-08 15:15|| Front Page Top

#8 "Structuring" as a criminal charge is little more than making criminal what one thinks rather than what one does. If I *legally* make $15,000 on Monday, and decide to deposit $7,000 on Tuesday and then decide to deposit the other $8,000 on Wednesday, why should that be declared a criminal offense?

Posted by Crusader 2017-04-08 17:14|| 2017-04-08 17:14|| Front Page Top

#9 The problem is that there are huge amounts of high denomination currency out there and only a small percentage is actually in circulation. No one really knows what has happened to the rest, but the presumption is that it is used for illegal activities.

There are probably, a few people who get caught unwittingly structuring, but I doubt it's many.

Posted by phil_b 2017-04-08 18:30|| 2017-04-08 18:30|| Front Page Top

#10 I went into a local bank where I have an account and tried to turn $3000 cash into a bank check to a business I'm associated with, so I could mail the check to its bank (no local branch). "No problem," said the associate. Twenty minutes later he returned, saying the government regs would not allow it. I had to mingle the funds with my personal checking account and write a check, which is exactly what I didn't want to do - it looks a bit shady.

Posted by KBK 2017-04-08 20:07|| 2017-04-08 20:07|| Front Page Top

#11 How long before the IRS makes things right?

Posted by gorb 2017-04-08 22:32|| 2017-04-08 22:32|| Front Page Top

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