Bank account seizures by the IRS
Reproduced below is a recent article from the New York Times about the Internal Revenue Service program of seizing bank accounts of people who are never charged with any illegal act—except making too many cash deposits of less than $10,000. According to the New York Times report: · Few people are aware that it is illegal to make too many cash deposits under $10,000 · The article does not mention any standards for what constitutes too many cash deposits · People innocent of any wrongdoing—except making too many cash deposits—are losing their bank accounts, and probably will never get them back. · Banks are prohibited from warning customers about this IRS program. · The IRS calls a pattern of cash deposits below $10,000, "restructuring" and a "suspicious activity." · Banks are required to file reports about such suspicious activity. · In 2013 banks in the U.S. filed more than 700,000 suspicious activity reports · The IRS