Carole Hinders learns IRS $10,000 deposit rule after her bank account is drained by Uncle Sam. An Iowa restaurateur had a total of $33,000 seized by the IRS because she constantly deposited too little at a time, allegedly to avoid the required reporting of any bank transaction over $10,000.
The Carole Hinders IRS $10,000 rule story has gone viral, with many people wondering, how can the government just take a U.S. citizen’s money, if they have not committed any crime? Last year, Carole Hinders, who owns a Mexican cash-only restaurant in Arnolds Park, Iowa, received a surprise visit from two Internal Revenue Service agents, who told her that they had seized her account.
The IRS took more than $33,000 from the restaurant owner who has been saving her hard-earned money for the last 40 years. So, why did the IRS seize Carole Hinders’ account?
Believe it or not, she did not commit a crime, but she has a habit of depositing small amounts into her checking account. If she she was not aware of it, that is, when Hinders learned of the IRS $10,000 deposit rule.
Hinders discovered that she raised suspicion by putting small amounts into her bank. The IRS believed that Hinders did so in an attempt to avoid triggering a required government report. By law banks are required to report any transaction over $10,000. Baffled by this so-called IRS $10,000 rule, Carole Hinders asked:
“How can this happen? Who takes your money before they prove that you’ve done anything wrong with it?”
The answer is the IRS using what they call “civil forfeiture,” which makes it legal for the United States government to take people’s money based on suspicion of a crime. And they have used the “civil forfeiture” law more than 600 times this year, but very often it is to catch terrorists and drug dealers.
Hinders has hired a lawyer, but the IRS has made it clear, they have no plans to review her case.
The IRS $10,000 deposit rule has put Carole Hinders in a tough situation, where she is forced to take several loans to keep her business going.
I AM SO SORRY TO HEAR THIS. BUT I HAVE HAD DEALING WITH THIS ORGANIZED CRIME (IRS)INSTITUTION. BOTTOM LINE I AM NOT SURPRISED AT WHAT THEY HAVE DONE IN THIS CASE, OR OTHERS.