IRS Seizes Small Stores Bank Account. Its Asset Forfeiture. Its Legal. : The Tea Party Economist

This man runs a small store. His insurance company insures against theft for only $10,000 per robbery. So, his daughter waited until there was $9,000. Then she deposited the money in the bank.

An IRS agent seized the money. She charged “structuring.” The IRS requires you to report cash deposits in excess of $10,000. It also prohibits “structuring” — deposits just under $10,000.

via IRS Seizes Small Stores Bank Account. Its Asset Forfeiture. Its Legal. : The Tea Party Economist.

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