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Structuring.... sorta?
Posted: Mon Oct 27, 2014 9:34 pm
by JamesVincent
ARNOLDS PARK, Iowa — For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.
The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes — in fact, she has not been charged with any crime. 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.
http://www.nytimes.com/2014/10/26/us/la ... .html?_r=0
Re: Structuring.... sorta?
Posted: Wed Oct 29, 2014 12:50 am
by wvfoos
All three sound somewhat suspicious..
FIrst, the iowa lady is a "Cash only" business. red flag.
The candy company - google the name and you can find the affidavit used for the seizure. 165 deposits in 10 months, 1.5 million, not a single one in 10 months over 10k.
the army guy - if you search his name, you can find he bought a house in 2006, for 355k, and sold it two years later for 486k. How exactly does a sergeant with three daughters save 60k from his paycheck in just a few years?
THe article is written badly, with the slant of "IRS SUCKS, TAKES NICE PEOPLES MONEY!!!" Get out the pitchforks!!
Re: Structuring.... sorta?
Posted: Wed Oct 29, 2014 7:14 pm
by bobhurt
I wondered many things as I read that article. What did the writer leave out? What stinks about this hard-working, innocent woman running a restaurant without taking credit cards? Did she pay for her food and supplies only in cash? How did she manage that? What else don't we know about her bank deposits? Could her restaurant function as a front for a drug business? What earnings did she enjoy the past year?
Who can blame the IRS for targeting her? Deter, Deter, Deter.