This man runs a small store. His insurance company insures against theft for only $10,000 per robbery. So, his daughter waited until there was $9,000. Then she deposited the money in the bank.
An IRS agent seized the money. She charged “structuring.” The IRS requires you to report cash deposits in excess of $10,000. It also prohibits “structuring” — deposits just under $10,000.
“How will I pay my workers?” he said. “I don’t care,” she replied. She handed him her card.
He wants his money back. He has two rays of hope. First, the Institute of Justice has taken his case. Second, the Internet may give the story enough coverage to convince the IRS agent’s superior that the bad publicity isn’t worth $35,000. Otherwise, this man is out of business.
If there is not swift justice, he may be out of business, no matter what the courts do.
Watch the one-minute video. The store owner tells what happened. http://www.freep.com/videonetwork/2695563031001/Fraser-grocery-store-owner-fights-IRS
It could happen to anyone. This is America. This is what happens in America all the time. It’s called “asset forfeiture.” Do a Web search. You will find out that this is a widespread way for government agencies to raise money. The money does not go into the general fund. The agency that initially confiscates the money gets to keep it.