A Business Man’s Battle with the IRS
What would you do if you woke up one day and upon checking your bank account balance, realized it was at $0.00? You have no money left, and are puzzled as to why when you just had thousands of dollars sitting right there the day before. This was one man’s reality, a convenience store owner in North Carolina, who learned the IRS went right into his personal bank account, and took hold of his money. It appears as though if the IRS wants access to your bank account, even if it’s your life savings, they can attain it, and take it.
Tax lawyers in North Carolina bring to you a shocking story of a store-owner, and his struggle in attempting to take back what was rightfully his. According to CNN Money, in June, 2014, Ken Quran was a victim to the IRS as they seized $153, 907.99 right out of his bank account, yet was accused of no crime. But how can something like this possibly happen?
Tax attorneys explain it as follows. The IRS works in such a way, and has many laws and regulations set up that identify someone who may be committing a crime such as drug trafficking, money laundering, or engaging in terrorist activity. Quran was recognized by the IRS for his frequent bank deposit patterns, and was therefore targeted, and recognized as committing an offense, even though no wrongdoing was yet proven.
Under given circumstances, for instance, those businesses’ that only accept cash including a conscience store, a bar, or even a restaurant, are constantly at risk of having their funds seized should the IRS believe they are taking part in a crime. Luckily, the IRS has indicated they would no longer pursue cases where frequent deposits of less than $10,000 were constantly being made if there was no sign of illegal activity.
Unfortunately, for citizens like Quran, while “his bank agreed to give him a $50,000 line of credit,” seeing that what he had was taken by the IRS, having the support of a North Carolina tax legal representative is what a case like this truly requires in obtaining justice for this unfair treatment.
CNN Money noted that even dating back to 2007, there is an estimated “600 people who had at least $43 million seized,” with not all of these victims ever receiving their own money back. For example, a dairy farmer in Maryland only received half of the $60,000 that was seized by the IRS.
Tax lawyers highlight this story and others to remind those business owners out there that while you may be under the impression you are handling your money properly, and protecting it, the IRS may be quietly hiding behind the scenes just waiting to pounce on what they believe to be illegal activity.
Should you have been a victim to the IRS, presumed to have committed a crime you were innocent from, resulting in your money being seized, USAttorneys features tax attorneys in North Carolina who specialize in situations such as these and can work to your advantage in regaining access to the money that rightfully belongs to you.
- When Should I Call a Tax Lawyer in Denver, CO? - September 5, 2019
- Will a Corporate Split in Edinburg Texas Affect Taxation, After a Disagreement Regarding Client List Ownership and the Removal of Partners who Want to Start Another Entity? - May 13, 2019
- Do I Need a Business Law Attorney to Set up a Non-Profit Corporation in St. Augustine Florida Due to Special 501(c)(3) Tax Requirements? - May 13, 2019
