Washington – IRS Apologizes For Seizing Bank Accounts Of Small Businesses

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    FILE - In this July 23, 2014 file photo, IRS Commissioner John Koskinen testifies on Capitol Hill in Washington. Under pressure from Congress, the IRS has apologized for seizing banks accounts from otherwise law-abiding business owners simply because they structured bank transactions to avoid federal reporting requirements. (AP Photo, File)Washington – 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.

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    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.


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    4 Comments
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    Andrew
    Andrew
    9 years ago

    This is referring to CASH deposits only.

    fat36
    fat36
    9 years ago

    How come when I make a mistake I can’t apologize and get away with that

    No-Fringe
    No-Fringe
    9 years ago

    How many years has this been their M.O.?

    Sha1om
    Sha1om
    9 years ago

    An apology they gave? A shaynem dank in pippick. Let’s see them give the confiscated money back now.