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Politics : Formerly About Advanced Micro Devices

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locogringo

To: i-node who wrote (836035)	2/12/2015 8:07:04 AM
From: FJB	1 Recommendation Read Replies (1) of 1576163

IRS apologizes for seizing bank accounts of small businesses... WASHINGTON (AP) — Pressured by Congress, the IRS said Wednesday it is changing its policies and apologizing for seizing banks accounts from otherwise law-abiding business owners simply because they structured bank transactions to avoid federal reporting requirements. Their alleged crime: routinely making 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 that the IRS is changing policies to prevent the seizures, as long as the money came from legal means. "To anyone who is not treated fairly under the code, I apologize," Koskinen told the House Ways and Means oversight subcommittee. "Taxpayers have to be comfortable that they will be treated fairly." By law, bank transactions above $10,000 must be reported to the IRS. It's a felony, called "structuring," to manage transactions 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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