IRS: ‘Make Deposits Under $10k and You are Under Suspision

On Thursday, in response to questions from The New York Times, the I.R.S. announced that it would curtail the practice, focusing instead on cases where the money is believed to have been acquired illegally or seizure is deemed justified by “exceptional circumstances.”

Richard Weber, the chief of Criminal Investigation at the I.R.S., said in a written statement, “This policy update will ensure that C.I. continues to focus our limited investigative resources on identifying and investigating violations within our jurisdiction that closely align with C.I.’s mission and key priorities.” He added that making deposits under $10,000 to evade reporting requirements, called structuring, is still a crime whether the money is from legal or illegal sources. The new policy will not apply to past seizures.

‘…and if you make deposits over $10k you must be a drug dealer or something….. whatever.  Its sure to be illegal…. give us a minute will find a statute.

via Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required – NYTimes.com.

Advertisements