Ive always paid my taxes and have never been arrested or charged with any crime in my life. I am a successful small-business man. But in January of this year, I woke up to find that my business entire bank account more than $35,000 had been wrongly seized.
Why should our banks be required to report transactions to the IRS anyway?
The government falsely accused me of violating federal banking laws by making frequent cash deposits of less than $10,000. It is illegal to make deposits of less than $10,000 in cash if you are doing it to avoid regulations that require the banks to report larger deposits to the IRS. Its not against the law, though, to make smaller deposits when there is a legitimate, legal business reason. That is exactly what I have been doing.
He's making deposits to keep his cash on hand below what his insurance company will cover in case of a loss: $10,000.
The reporting requirements themselves are absurd and unconstitutional. Confiscating the money without charges or due process is tyrannical.
This entry was published 2013-09-30 05:15:19.0 by TriggerFinger
and last updated 2013-09-30 05:15:19.0.