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New Tax Law Reduces the IRS Ability to Confiscate
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. President Trump has signed into law the “Taxpayer First Act” (H.R.3151) which prevents the IRS from raiding a taxpayer’s bank accounts because of the suspicion that they were structuring their deposits to avoid the bank reporting requirements for transactions over $10,000.
 
The Bank Secrecy Act of 1970 required banks to report any cash transactions over $10,000. The obvious answer from those that did not want to explain these transactions to the IRS was to simply make a bunch of transactions under $10,000. To counter this, the IRS was authorized to seize any amounts of money that were part of a “structuring” scheme. Whether or not the money was illegally obtained or not was of no consequence.
 
How often was this occurring? One study shows that the IRS has seized more the $242 million from more than 2,500 cases from 2005 to 2012. The IRS tended to hold the money for over a year and in many cases simply put the money in limbo by never starting the steps to change the seizure into a formal forfeiture.
 
Seizures of this type were of course devastating to any small business that got ... more

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