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IRS seizing savings for deposits under $10k

Bamaro

Bamaro

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Displaced Bama Fan said:
This is similar to the forfeiture "laws" many local authorities use when carrying what they deem are large amounts of cash.


http://www.wnd.com/2014/10/irs-seizes-life-savings-for-deposits-under-10000/#IqCtS8kzKiHSJpYe.99

Ironically, this has doubled under Obama and my educated guess is that these are small business (conservatives).

But Obama would never use the IRS to do his bidding...right?
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Its a disgusting abuse of power but I doubt its being directed against small business, because they may be conservative, by anybody in the administration
 
twofbyc

twofbyc

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Like many of the "weapons" used to fight crime, this one now has unintended consequences that harm law-abiding citizens. Originally, the required reporting of amounts over 10 grand were supposed to help IRS/DEA pinpoint money-laundering as well as all monies obtained illegally, by checking out the source of the funds deposited. Now the IRS has taken it a step (or twenty) further by assuming anyone making regular deposits of less than $10 grand regularly (or daily, as it appears) are doing so simply to avoid the evil eye of the Dark Lord. So, what, you make your deposits every other day, risk robbery just so the Dark Lord can investigate you for tax evasion or money laundering or turn you over to the DEA so they can literally take everything you have and you have no recourse? No, sorry, somebody dies; it might be me but it will be someone else too.
 
Bama Reb

Bama Reb

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twofbyc said:
Like many of the "weapons" used to fight crime, this one now has unintended consequences that harm law-abiding citizens. Originally, the required reporting of amounts over 10 grand were supposed to help IRS/DEA pinpoint money-laundering as well as all monies obtained illegally, by checking out the source of the funds deposited. Now the IRS has taken it a step (or twenty) further by assuming anyone making regular deposits of less than $10 grand regularly (or daily, as it appears) are doing so simply to avoid the evil eye of the Dark Lord. So, what, you make your deposits every other day, risk robbery just so the Dark Lord can investigate you for tax evasion or money laundering or turn you over to the DEA so they can literally take everything you have and you have no recourse? No, sorry, somebody dies; it might be me but it will be someone else too.
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Yeah. It's fairly easy to protect yourself from robbery on the way to the bank. But to make your nightly bank deposit, then the feds steal it from the bank. :eek: How do you protect yourself from that?? Easy. You don't put it in the bank to start with.
 
Displaced Bama Fan

Displaced Bama Fan

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Bama Reb said:
Yeah. It's fairly easy to protect yourself from robbery on the way to the bank. But to make your nightly bank deposit, then the feds steal it from the bank. :eek: How do you protect yourself from that?? Easy. You don't put it in the bank to start with.
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Convert to other assets that are easily traded....
 
Bama Torch in Pcola

Bama Torch in Pcola

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It's been my experience that most of this is done by business owners trying to stay below the government radar for whatever reason. I do not buy her contention that she was only trying to save the bank some time.

This is just another malevolent outgrowth of the monstrosity known as the patriot act. Government abuses power, thats why it shouldn't have much.
 
Tidewater

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twofbyc said:
Like many of the "weapons" used to fight crime, this one now has unintended consequences that harm law-abiding citizens. Originally, the required reporting of amounts over 10 grand were supposed to help IRS/DEA pinpoint money-laundering as well as all monies obtained illegally, by checking out the source of the funds deposited. Now the IRS has taken it a step (or twenty) further by assuming anyone making regular deposits of less than $10 grand regularly (or daily, as it appears) are doing so simply to avoid the evil eye of the Dark Lord.
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I believe the intent was to "flag up" accounts that have $9,995 deposits every so often, for further investigation, not for automatic confiscation.
It seems every power delegated to (or usurped by) the Federal government not only can be abused, but will be abused.
This is how a government loses its legitimacy.
 
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cbi1972

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Surprise! Controversial Patriot Act power now overwhelmingly used in drug investigations
Law enforcement made 47 sneak-and-peek searches nationwide from September 2001 to April 2003. The 2010 report reveals 3,970 total requests were processed. Within three years that number jumped to 11,129. That’s an increase of over 7,000 requests. Exactly what privacy advocates argued in 2001 is happening: sneak and peak warrants are not just being used in exceptional circumstances—which was their original intent—but as an everyday investigative tool.

And as critics predicted, it is overwhelmingly used in cases that have nothing to do with terrorism. But even if you’re a cynic, it’s pretty shocking just how little the power is used in terrorism investigations.

Out of the 3,970 total requests from October 1, 2009 to September 30, 2010, 3,034 were for narcotics cases and only 37 for terrorism cases (about .9%). Since then, the numbers get worse. The 2011 report reveals a total of 6,775 requests. 5,093 were used for drugs, while only 31 (or .5%) were used for terrorism cases. The 2012 report follows a similar pattern: Only .6%, or 58 requests, dealt with terrorism cases. The 2013 report confirms the incredibly low numbers. Out of 11,129 reports only 51, or .5%, of requests were used for terrorism. The majority of requests were overwhelmingly for narcotics cases, which tapped out at 9,401 requests.
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Bama Reb

Bama Reb

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The biggest problem with using the Patriot Act for drug investigations is that once that happens, and it's happened way too many times already, is that virtually any leo can make up that excuse and use it as a reason to listen in on your phone conversations or whatever they want. And now they're using it to seize bank accounts.
This government has overstepped it's bounds so far and so often that it's a wonder we still have a Constitution at all.
Lord knows they don't act like we do.
 
twofbyc

twofbyc

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It's up to the people to take back the power - if they don't, alligator tears mean little.
http://www.jimbovard.com/Bovard_Playboy_1994_Oops_You_Are_Dead_No_Knock_Killings.htm

Not the link I wanted, which probably doesn't exist except for those of you who have archived collections of the mag (you know who you are :p). I was looking for the story from the 80's that I have posted on here before, about the Chicagoan who had his brick house completely dismantled brick by brick by the DEA looking for drugs; turns out they had the wrong address on the warrant. He sued for damages and lost.
 
Displaced Bama Fan

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twofbyc said:
It's up to the people to take back the power - if they don't, alligator tears mean little.
http://www.jimbovard.com/Bovard_Playboy_1994_Oops_You_Are_Dead_No_Knock_Killings.htm

Not the link I wanted, which probably doesn't exist except for those of you who have archived collections of the mag (you know who you are :p). I was looking for the story from the 80's that I have posted on here before, about the Chicagoan who had his brick house completely dismantled brick by brick by the DEA looking for drugs; turns out they had the wrong address on the warrant. He sued for damages and lost.
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When neighbors come out armed and start arresting and/or shooting police in defense of their neighbors, then it will change.
 
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