The new trick the IRS has been doing is attacking small mom and pop businesses on a ROUTINE basis. The number of reports coming in from around the country are outrageous where small businesses deposit daily receipts under $10,000 kicks off their rule about what is known as “structuring” – depositing money under $10,000 or withdrawing that cash to avoid reporting by banks to the IRS.
If you deposit $10,000 or more, the bank must report the transaction to the Internal Revenue Service, and you’ll need to explain where you got the money. Don’t even think about dividing the cash into smaller amounts to stay below this limit, because the IRS can investigate you for structuring, which is an attempt to prevent the bank from reporting your deposit. Structuring is illegal. Even if you earned the money through legal channels and paid the necessary taxes, the IRS can charge you with criminal activity and take your money.
The IRS will now just seize your accounts and it becomes your burden to get your money back and that you were not STRUCTURING. Good luck. To simply deposit regularly small amounts of money means you are more likely than not never going to see that money again. Whatever you have in your bank accounts, the entire thing, will be taken by the IRS leaving you penniless. The problem that is developing is that more and more small businesses are being forced into bankruptcy because of the IRS. Try and get your money back and it will take months if you have the lawyers.
The accounts of Carole Hinders, pictured above, at her small cash-only Mexican restaurant in Arnolds Park, Iowa. The NY Times reported how last year tax agents seized her funds. Small business is so often attacked by tax authorities both federal and state all because these people are dead broke and are hunting money desperately.
The IRS is desperate for money and they are hunting loose change everywhere. Judges are ruling in their favor routinely for their salaries and pensions are also at stake. They are looking to regulate your accountant and where they want to go is to compel them eventually to turn you in if your avoid taxes. They are seeking somehow to break the bonds of client confidentiality.
