The Internal Revenue Service seized $446,000 from the bank accounts of brothers Jeffrey, Richard, and Mitch Hirsch in 2012, claiming a “structuring” violation against the owners of Bi-County Distributors Inc. for making multiple bank deposits of less than $10,000.
The government never charged them with a crime, nor gave them a hearing to enable them to contest the seizure, but after intense national media attention to the case, the government returned the funds.
The case was among many that highlighted an abuse by IRS agents known as legal source structuring that allowed the tax collection agency to use a law, the Bank Secrecy Act, intended to combat money laundering, to seize assets.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.