The IRS has taken $43 million from more than 600 individuals by accusing them of violating structuring laws even when there has actually been no evidence of criminal misbehavior, according to testimony heard at your house Ways and Means Committee today.In 2012, 2 armed IRS agents went to the farm of Randy Sowers, a dairy farmer for over three years, to alert him that the IRS had actually seized the business bank account, which held more than $60,000. The agents informed Sowers the IRS had done so because of structuring laws.
When an individual conducts a money deal in excess of $10,000, according to federal law, the bank needs to submit a currency transaction report with the Treasury Department. It is illegal for a specific to separate or structure cash deposits into amounts listed below $10,000 to avoid federal currency reporting.
At that point, I had actually never ever before heard the term structuring, and I had no idea that transferring money in the bank might even possibly be a federal crime, Sowers said. No one from the bank or the government alerted me that under-$ 10,000 bank deposits might result in the seizure of our bank account. Nobody from the government contacted me about our bank deposits until after they seized our bank account.
I was shocked that the federal government would even consider bringing criminal charges when I had actually not done anything incorrect, Sowers said. The IRS agents who came to the farm informed me that the judge who authorized the seizure had provided them the authority to take anything approximately $243,455 the amount of cash deposited in the account over a period of eight months.