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IRS seizes business' bank account for suspected crime
Posted on 10/28/14 at 9:43 pm
Posted on 10/28/14 at 9:43 pm
LINK
quote:
After years of being a law-abiding business, the government suddenly decides to seize your bank account. Sadly, this is what happened to Carole Hinders' restaurant when the federal government seized her bank account worth $33,000. Now, she's filing a lawsuit in federal court.
quote:
Civil forfeiture, IJ says, is a procedure that allows the federal government to seize property based on the suspicion of a crime. According to the Bank Secrecy Act of 1970, financial institutions are required by law to report any transactions made exceeding $10,000 or any transactions that might be a result of criminal activity.
This post was edited on 10/28/14 at 9:44 pm
11
Posted on 10/28/14 at 9:45 pm to Revelator
Did you take this from the OT circa 3 days ago?
Posted on 10/29/14 at 6:09 am to Revelator
1. For a long te I've believed these seizure laws to be ridiculous. The U.S. goverent should not be able to deprive persons of property without due process.
2. If we dont have a choice and have to keep them, they ought to be adjusted for inflation. $10,000 in the early 70s is different than that amount today.
2. If we dont have a choice and have to keep them, they ought to be adjusted for inflation. $10,000 in the early 70s is different than that amount today.
Posted on 10/29/14 at 6:57 am to Revelator
quote:
based on the suspicion of a crime
And some people, Jeauxbleaux and the like, think more government is the answer to all our problems.
Posted on 10/29/14 at 7:55 am to Revelator
quote:
According to the Bank Secrecy Act of 1970, financial institutions are required by law to report any transactions made exceeding $10,000 or any transactions that might be a result of criminal activity.
Guilty until proven innocent.
Posted on 10/29/14 at 8:00 am to Revelator
quote:OBAMA!
. According to the Bank Secrecy Act of 1970,
Posted on 10/29/14 at 8:07 am to Revelator
I need someone smarter than I to explain to me how civil forfeiture is constitutional when the 5th Amendment unambiguously says that the federal government cannot deprive a citizen of property without due process and the 14th amendment says the states cannot deprive a citizen of property without due process.
Posted on 10/29/14 at 8:10 am to Revelator
Cash only restaurant. Deposits just under 10k and the owner even admits she was intentionally keeping the deposits under 10k to prevent reporting.
Suckas!
Suckas!
Posted on 10/29/14 at 8:24 am to Revelator
[link=(fairtax.org)]fairtax.org[/link]
Posted on 10/29/14 at 8:31 am to Revelator
This is another thing the federal government should not be allowed to do without due process.
This post was edited on 10/29/14 at 8:33 am
Posted on 10/29/14 at 10:59 am to Revelator
This is why you never deposit cash in the bank.
Posted on 10/30/14 at 6:57 am to Revelator
This is an issue that the right (or left) should be talk sing about everyday.
First of all the Government should have to have more to go on than simply X amount of cash to suspect a crime. This is a direct result of the War on Drugs and an excuse for politicians and officials to not do the job they are being paid to do.
At the very least the amount should be adjusted for inflation. It sounds like this woman was having to make multiple cash deposits to stay under the $10k limit. In a predominantly cash business, like a restaurant, $10k probably makes almost all successful owners a criminal in the eyes of the IRS...adjusted for inflation that number should be be about $40k today.....a number that most small business owners would have no trouble staying under.
First of all the Government should have to have more to go on than simply X amount of cash to suspect a crime. This is a direct result of the War on Drugs and an excuse for politicians and officials to not do the job they are being paid to do.
At the very least the amount should be adjusted for inflation. It sounds like this woman was having to make multiple cash deposits to stay under the $10k limit. In a predominantly cash business, like a restaurant, $10k probably makes almost all successful owners a criminal in the eyes of the IRS...adjusted for inflation that number should be be about $40k today.....a number that most small business owners would have no trouble staying under.
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