Originally Posted By: 01_celica_gt
Originally Posted By: Kuato
This fires me up.
Originally Posted By: Nebroch
"Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report."
LOL, and I thought that local authorities were bad. Cash&gold might become popular again..
Yeah, what's an old lady to do, keep a bunch of cash lying around until she has more than 10k?
I know this is meant to get the bad guys, but is another example of a good idea executed poorly. A minimal check (aka Due Diligence) by the IRS would have found her legit, as well as the Marine in the article.
It should be the law that if the IRS follows this sort of pattern, and is shown to be in error (such as the Marine saving for his daughters' college) the IRS should be liable for all expenses paid by the person to recover their legally earned money.
+1 I totally agree, this is abuse of power...
Think about this....
They created the law of any 10k transaction must be reported.....then go after you for a chain of deposits UNDER the IRS threshold. Whatever you want to call it, it has a "ist" at the end of the word!
Gov't is to big and too intrusive.