That may sound absurd, but it’s happening across the country.
check it out:
Imagine being informed that the Internal Revenue Service has seized your bank account. They don’t accuse you of any crime, they simply acted because your account, used for your small business, has too much money in that was deposited in increments of less than $10,000 – the amount that requires the transaction to be reported to the IRS.
The New York Times introduces us to Carole Hinders, an Iowa woman who owns a small, cash-only restaurant. Last year she had her checking account, all $33,000 of it, seized by the IRS. Not because she didn’t pay taxes on her business (she did), and not because she was suspected of any crime (she wasn’t), but because “she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report.”