IRS Finally Says Sorry for Seizing Small Businesses Bank Accounts
Small businesses face a tough battle in general, but when they have the IRS breathing down their necks it makes it that much more difficult to find success. Things are even more difficult when the IRS decides seize some of these business’s bank accounts. At least now the tax agency is apologizing for its actions. According to reports, after serious and consistent pressure from Congress, the IRS recently said sorry to several small business owners for taking control of their bank accounts. So why did the IRS takes these measures in the first place? Apparently these companies were guilty of structuring their deposits to barely avoid federal reporting requirements, even though they weren’t doing it with malicious intent. According to the law, any bank withdrawals and deposits greater than $10,000 must be reported to the IRS. It is also considered a felony to structure such transactions to avoid that law. In reality, these laws are actually in place to prevent drug dealers from transferring large sums of money to other countries. However, these seizures by the IRS reportedly cost the small companies who were affected tens of thousands of dollars to remedy. In apologizing the IRS also said that it would be changing its policy in order to protect small businesses from having their accounts seized when they obtain their money legally.
Disruptive Startups | Dr. John Garnier
About Dr. John Garnier John is an expert in Business Development, Corporate Division, Small Business Startups and is an International Expert in Silicon Carbide. Additionally he holds a PhD in Materials Science from Marquette University. He is the author of two books through the Nuclear Regulatory Commission, technical papers (40+), patents 11+, and more…
American Entrepreneur – Jack Carlisle, Serial Entrepreneur
About Jack Carlisle Jack Carlisle grew up in Utah. He is a serial entrepreneur who has created various businesses over the past 22 years including: a tire store, flight school, catering business, and most recently a pizza restaurant. Interview Transcript of: American Entrepreneur – Jack Carlisle, Serial Entrepreneur Alan Welcome back. I’m here…
The Midas List – Ray Rothrock, Venture Capitalist
About Ray Rothrock Ray joined Venrock, a diversified $2 billion venture capital firm, in 1988 in New York City, and after 25 years and 53 direct investments, his passion for building companies is as strong as ever. He retired from Venrock, June 2013 and continues as a venture capitalist on his own account. Ray…
Venture Capital and Entrepreneurs | Dixon Doll
About Dixon Doll For more than 35 years, Dixon Doll has influenced and guided entrepreneurs, investors and executives in the computer and communications industries. In recognition of his accomplishments in venture capital, Dixon received the 2013 Special Achievement Award from the International Business Forum. Dixon was also named by Forbes Magazine as one of…