It is a major victory for the individual against the seemingly all-powerful IRS. In a single-page letter, sent this morning by fax, the IRS agreed to return a North Carolina convenience store owner’s entire live savings.
The IRS seized $153,907.99 from Ken Quran in June 2014, without any warning or meaningful prior investigation, simply because he repeatedly withdrew cash from his bank in amounts under $10,000.
Ken’s money was seized under so-called “structuring” laws. These laws were designed to target criminals evading bank-reporting requirements. But under IRS policy at the time of the seizure, the IRS applied the structuring laws to seize cash from individuals and businesses accused only of frequent under-$10,000 cash transactions.