The Internal Revenue Service has seized the bank accounts of hundreds of innocent business owners. Using the powers granted under the Civil Asset Forfeiture Reform Act of 2000, which was designed to help federal agencies catch drug dealers, terrorists and other criminals, the IRS has been legally seizing the bank accounts of law-abiding business owners who have consistently made cash bank deposits less than the federal bank reporting minimum of $10,000. The New York Times reported that hundreds of these cash-only business had their entire bank accounts seized by the IRS in the past few years because the agency is...
