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.
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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.
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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 ...
The IRS interest rate is about 3% now.
The statute of limitations is normally three years from the due date of the return or the date of filing, which ever is later. If no return was filed the statute of limitations does not expire.
Thank you. I guess that is something....
She had operated a school for lithography during the 1960's, and the estate had several lithos which various artists had given her during that time. Most of them were just proofs and not numbered pieces, but they still totaled up to something (there were/are about 300 of them).
We were more worried that we sold her house too quickly (about 20 months after her death) and our accountant freaked when it sold for $800K over the original estimated value. Fortunately the IRS didn't bat an eye at that item... a big relief for us. I think they felt they had to get us for something, just because.
Actually, I am not alone, it is that I am merely one of the remnant patriots who actually know what the 16th Amendment is so to apply it to my earnings as the law requires me to do and most years, I don’t even file because the law does not require me to do so.
Time spent this year filing ‘income’ excise tax returns for our business? “ZERO”! As it has been for over 10 years when our business ceased to be engaged in the use of federal property that would then result in our earning ‘16th Amendment ‘income’.
Was Grandpa Really a Moron? Critical Inquiries for a New American Century ... http://www.losthorizons.com/comment/archives/BobsBicycles.pdf
No, I am referring to sections 3401, 3402, 3121 & 7701 of Title 26 of the US Code.
The gift exclusions differed over the years. I have no clue about the 60s. I assume either a gift tax return was filed in the 60s or something that was owned at death indicated it a gift had been made, perhaps a partial deed transfer or trust.
Do you do your own surgery?
Only when necessary
You’re right, I got those reversed.
You're absolutely right, but the 16th is only an application of the person status created by the 14th. That's the "big secret."
True, but the law is written so as to allow them to make those presumptive applications. That's why for real reform, we don't have to change the tax laws, but how they're applied. Unfortunately, that's a distinction too far for most people to grasp, and so the process remains firmly in place for the foreseeable future, IMHO.
No, that was a con to sucker the low-information voters (left and right); the plan was always to just take our money.
I know a guy that owns a C-store that is 35 miles from the nearest bank. He used to make his deposit weekly and was often over the $10,000. The IRS and the Secret Service showed up one day and wanted to see his books. They found nothing wrong but it infuriated him. Now he goes out on Friday with two armed guards and pays his bills in cash. Annoys the beer distributors but tough cookie.
Don’t forget the ‘voluntary’ waiving of your 5th as you file...
There was a bad run of Amendments, imho. The 16th is not the only Amendment which was not a good idea. The 17th isn’t high on my list of ‘keepers’, either, and the 18th was repealed. I’m still debating about how I feel about the 19th (YMMV).
Thanks for that, Joe - watching The Donald win SC, I needed to be reminded.
Some days, we all do, me included!
Did they not just extent that to 7 years?
7 yrs if there is fraud, which is pretty hard to prove.
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