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Not good indeed. This is the fallout from the 2001 "Patriot Act!"
Quote:
Federal law requires banks to report cash transactions in excess of $10,000 to the IRS. And it is illegal for a person to "structure" one's transactions — to break deposits up into lesser amounts — to avoid those reports.Structuring law, expanded by the Patriot Act in 2001, is now just one more way the government is collecting vast amounts of information about the private lives of everyday Americans. Officials claim that Terry and Sandy violated this law.
My uncle got hit with huge tax liens from the IRS from his business he had 10 years ago. Only recently did they go after him and claim he owes money he doesn't. He's also a member of the NRA and involved in the Republican Party, but that is just coincidence of course.
Yes, the feds did seize Tarik Dehko's bank account funds for skirting rules about requiring that bank deposits over $10,000 be reported. The rule is in place to fight money laundering.
But Mr. Dehko seems to have a legitimate point that he's making smaller deposits to keep from having a large amount of cash in his store and to keep under his insurance policy's $10,000 cash liability limit per robbery.
It sounds like the local feds have a beef with Mr. Dehko, but they can't make any charges stick so they'll screw with him some other way.
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