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How The IRS Can Secretly Drain Your Bank Account

civil forfeiture radioImagine owning a restaurant for 38 years and working six days a week just to keep the business going – and then watching the federal government drain your bank account even though you did nothing illegal.

Sound far-fetched? It actually happened to a business owner in Iowa, whose only “crime” was making frequent cash deposits at the bank so she wouldn’t have too much money in the restaurant. All total, IRS agents seized all of her money, $33,000, leaving her unable to pay bills and forcing her to use credit cards just to keep the doors open.

It’s called “civil forfeiture,” and it’s the subject of this week’s edition of Off The Grid Radio. It’s a story that impacts anyone who has shunned credit cards and deals in a cash-only world.

Attorney Larry Salzman of the Institute for Justice – which defended the woman in court – tells us:

  • How this case is only the tip of the iceberg in similar cases coast to coast.
  • What you can do to prevent the government from coming after your bank account.
  • How the government learned she was making frequent cash deposits.

The craziest part of the story? The distraught restaurant owner called the office of her US senator, and staffers actually told her that she had been scammed and that she should call the police – because, they thought, the federal government surely wouldn’t seize an innocent woman’s money, right? Wrong.

She essentially was guilty until proven innocent, and didn’t even have the option of appearing before a supposedly neutral judge.

Some call civil forfeiture “legalized theft,” and after hearing today’s Off The Grid Radio, you’ll understand why.

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One comment

  1. Great discussion,

    Ironically, we covered this very subject on our evening conference in connection with the use of an irrevocable trust structure to protect money and blind-sided attacks.

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