IRS Seizes $107,000 From Innocent Small Business, Despite Recent Policy Changes | The Compost Bin | Forums

A A A
Avatar

Please consider registering
Guest

Search

— Forum Scope —






— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

Register Lost password?
sp_Feed F-Compost-Bin
IRS Seizes $107,000 From Innocent Small Business, Despite Recent Policy Changes
Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
1
4 May ’15 - 8:56 am
sp_Permalink sp_Print

as a small business owner, this scares me

Avatar
farmboy2
Rancher
Members
Forum Posts: 1243
Member Since:
4 Mar ’12
sp_UserOfflineSmall Offline
2
4 May ’15 - 11:35 pm
sp_Permalink sp_Print

The land of the 

Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
3
5 May ’15 - 6:52 am
sp_Permalink sp_Print

A couple of years ago my wife went a away for a few week so I held onto the deposits till she got back, never had a chance to make it to the bank. There were 14 different deposits that totaled around $11,000. Bank made us fill out paperwork because it was over $10,000. I asked why, they were separate deposits, doesn't matter they said, you are depositing more than $10,000 in one day.

Avatar
easytapper
Rancher
Members
Forum Posts: 2149
Member Since:
19 Feb ’12
sp_UserOfflineSmall Offline
4
5 May ’15 - 8:58 pm
sp_Permalink sp_Print

Well I think I told the story here about how two years ago I was in charge of our Cub Scout Popcorn Fundraiser.  For some reason (most likely because I'm an idiot) I decided to hold onto all the cash and deposit at once.  Well I went to the bank that morning and said that I would be making a sizable deposit that afternoon, and were there any issues?  "How sizable?" was their question, at which point I told them $16k in cash and another $5-7k in checks.  They said there would be no problems.  I went back with my deposit, at which point they took it from me and then asked for my ID and SS#.  Nothing ever came of it, but it was still disturbing, and it wasn't even my account.

 

Also, I was pissing my pants knowing that if I got pulled over on my way to the bank, that the cash would be confiscated and most likely never seen again.  I was much smarter this year with my fundraiser deposits.

Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
5
6 May ’15 - 7:29 am
sp_Permalink sp_Print

I remember you telling that

Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
6
15 May ’15 - 7:44 am
sp_Permalink sp_Print
Avatar
easytapper
Rancher
Members
Forum Posts: 2149
Member Since:
19 Feb ’12
sp_UserOfflineSmall Offline
7
16 May ’15 - 3:02 pm
sp_Permalink sp_Print

See, while I still disagree with the law, etc., after reading the article, it seems he was breaking the law.  He was purposely avoiding the 10k threshold for reporting.

But I do find it ironic that these laws against money laundering, etc. are forcing law abiding citizens to actually launder money, and act like criminals.

Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
8
16 May ’15 - 3:10 pm
sp_Permalink sp_Print

Laundering? that's not laundering. 

Willfully keeping cash deposits under $10,000 to avoid such reporting requirements is known as “structuring,” and is illegal.

He was simply trying to stay under what the govt dictates is a large cash deposit imo, as long as his tax returns and receipts supports the deposits, who gives a rats ass, other than the feds of course.

Forum Timezone: America/New_York

Most Users Ever Online: 698

Currently Online:
27 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Top Posters:

easytapper: 2149

DangerDuke: 2030

groinkick: 1667

PorkChopsMmm: 1515

Gravel Road: 1455

Newest Members:

houstongoddard8

cyrusavalos0042

eleanoreirish1

evangeline31n

staceyd61140321

Forum Stats:

Groups: 1

Forums: 12

Topics: 11477

Posts: 58671

 

Member Stats:

Guest Posters: 2

Members: 3343

Moderators: 0

Admins: 1

Administrators: K