Skip to comments.The IRS seized this North Carolina man’s life savings. Now he’s getting it back
Posted on 02/20/2016 11:45:44 AM PST by kevcol
In June 2014, the IRS seized $153,907.99 from Ken Quran's bank account - his life savings - even though he did nothing wrong.
the IRS may seize a person's bank assets if it discovers a pattern of frequent transactions under $10,000. Banks are required to report cash transactions over $10,000 and it's a crime if one tries to avoid that reporting by purposefully keeping all transactions below that amount.
The laws are intended to suss out drug trafficking, money laundering and organized crime or terrorist activity. But the IRS doesn't need any evidence of wrongdoing before seizing the money.
A similar incident happened to another North Carolina convenience store owner, Lyndon McLellan, last year. In that case, the IRS eventually returned the money.
(Excerpt) Read more at myfox8.com ...
Lois Lerner walking dog, ambush interview. Flees to neighbor’s house:
More proof that the IRS and the 16th amendment is a violation of the 4th Amendment.
If you owe the IRS, they tack on 8 percent interest and sometimes you don’t know for years. I certainly hope they add some interest to his money. (I know dream on).
And he should push to get it back at that 26% interest rate that they charge if you’re behind on taxes.
He ought to sue them.
The theory apparently being that if you are a drug dealer or laundering money, you’ll let it go; if you file the paperwork and pursue recovery, you might be honest and if you push, a supervisor will look at the file. Or decide it isn’t worth her time or effort. (Doing a Congressional probably doesn’t hurt, either.
A tacit admission that they were going after small businesses that they knew were innocent of any crime.
The big-government/big-union/big-corporate crony-crook complex doesn't care if the pie gets smaller, they just want the whole pie.
I assume he did, otherwise he would not have his money back. What shocks me is that a court would actually find for a citizen, over the government.
OK, should have read the story first ;)
When the IRS audited my MIL's estate tax return last year, they wanted about $4K for "Gift taxes from the 1960's". That's exactly how the explanation read, with no further details. How the heck is someone supposed to fight them over something that vague?
How many freepers who venerate every word in the Constitution as some kind of sacred scripture that must be interpreted in an absolute originalist manner venerate the 16th Amendment in the same way?
The IRS sucks big time. I hate that agency more then any other. If one of our candidates ran on getting rid of IRS and really mean it, I can see them doing well. Right now nobody has that as a priority. They may discuss it but it is not in the top 3. I know we have other huge problems but I hate the IRS so much.
So it's a crime if you deposit over 10K and a crime if deposit below 10K? What?
Good. There is a case in Maryland of a farmer who has had money seized under the same law. He conducts the nefarious activity of selling meat, bread, and dairy products. Everyone knows how addicting those substances are!
I hope his case is resolved soon, too. He has been fighting it for years.
Educated Americans LOVE the income tax:
A Curious Thing:
Busting the Income Tax Myth Mongers:
Seems like I remember one story from a while back about a lady who got in the same trouble for routinely making deposits right under $10,000, and the IRS grabbed everything.
Turns out the reason she was doing this is that her insurance company only insured her for amounts of cash under $10,000.
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
According to the inflation calculator, $10,000 in 1970 is worth about $1600 today. So the government didn't have to do a thing to increase the scope of the law. Just let inflation do its magic.
Thanks, Drug Warriors.
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