Convenience Store Owner’s Entire Life Savings Seized by IRS for Making Small Deposits

You may think that it is okay to manage your finances as you see fit in America. The land of the free is what they say after all. Do you think it’s okay to make deposits and withdrawals from your bank account as you see fit regardless of how small or large they might be? Well, you might want to rethink that position after you hear this story. This convenience store owner had his life savings of over $100,000 seized by the IRS because he routinely made deposits under $2,000. See, $2,000 is the magic number the IRS and government use to decide what is a suspicious transaction. Anything over $2,000 transmitted requires a whole different set of steps. But if you frequently make transactions just under or around $2,000, this sends up a red flag as well, even though you have done nothing wrong according to the law. But the law has nothing to do with it, as the IRS can seize your money no matter which side of the two grand rule you happen to be on. Your dealings with your bank can be labelled suspicious either way it goes.