Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” issues a warning to both business owners and individuals to be more cautious about making deposits to their accounts that would make them IRS targets.
St Genevieve, MO, November 12, 2014:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “Beware: If You Make a Series of Deposits Totaling $10K, The IRS Could Seize Your Accounts.” Being a law-abiding businessperson or wage earner is no guarantee of safety from having assets seized by the IRS.
As Mr. Drury states, “Law abiding, small business owners and ordinary citizens must be increasingly cautious to avoid getting into trouble with the IRS.” The reason being says Drury, “For the last few years, the IRS has been implementing a process referred to as “civil asset forfeiture” to seize bank accounts and other assets.”
Never intended as a process for those who live within the law, Drury says, “Originally created as a way to track the cash of criminals such as drug traffickers and terrorists, the IRS has turned their sights to average business owners even though they have no criminal records, nor have they committed any serious crimes.”
Once the IRS gets their hands on an account, it’s theirs. Drury states, “Once the IRS seizes an account, they can take the money without filing a criminal complaint. It is the responsibility of the business owner or individual whose assets have been taken to prove that they are innocent.”According to Drury, “What the IRS looks for are a series of deposits made to an account under $10,000. This practice is referred to as “structuring” or “smurfing” and is often done in an attempt to evade reporting requirements.”
The laws are clear, at least to tax attorneys like Drury who elaborates, “Under 31 USC 5324, if a person’s “transaction could have been conducted as a single transaction and that person took actions to break it up to avoid a currency transaction report,” he is considered to be in violation of the law. According to the Bank Secrecy Act of 1970, “Any persons who receive more than $10,000 in one transaction or a series of related transactions, while conducting their trade or business, must file a Form 8300.”
The IRS is quick to target anyone making a series of deposits totaling $10,000 as a lawbreaker. Drury’s cautionary tale must be taken to heart.
The entire blog can be found here.
About Lance Drury
Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006. With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues. He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems
About The Lance Drury Law FirmSince 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.###