IRS apologizes after seizures hammer small businesses

“Top IRS officials, under intense pressure from Congress, apologized on Wednesday to small business owners for seizing their bank accounts after they structured bank deposits that just barely avoided federal reporting requirements.  The seizures, actions that are usually aimed at stopping drug dealers from moving large amounts of cash out of the country, cost the business owners tens of thousands of dollars to undo.  The tax agency said it is changing its policy so that businesses that obtain their money legally would not have their accounts seized. By law, bank deposits and withdrawals over $10,000 must be reported to the IRS. It’s a felony to ‘structure’ transactions to avoid that law.”

http://nypost.com/2015/02/11/irs-apologizes-after-seizures-hammer-small-businesses/

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