IRS seizes hundreds of perfectly legal bank accounts, refuses to give money back Posted on October 28, 2014 The Internal Revenue Service (IRS) building is viewed in Washington, DC (AFP Photo/Jim Watson)
He explained that his lawyers showed the IRS that the money was properly earned and reported, but the IRS still wouldn’t return it. Three weeks later, Clyde said the IRS offered to give back $600,000 if he forfeited $325,000 to the feds, but Clyde rejected the offer. Three-and-a-half months later, a judge forced the IRS to return $440,000 and gave Clyde an expedited trial. Still, Clyde said he ended up forfeiting $50,000 to get the remaining $450,000 back.
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.
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