Finally, reform of structuring-law seizures

For years this website has covered the injustices of structuring law, under which persons who deposit or withdraw sums deemed too close to the $10,000 reporting threshold, even if for reasons that prove innocuous, can face seizure of their accounts. Now, under a tax-bill provision unanimously adopted by Congress and signed by President Trump, “the IRS can now only seize property for structuring if it’s ‘derived from an illegal source’ or if the money were structured to conceal criminal activity.” [Nick Sibilla, Forbes; Jacob Sullum, Reason; earlier]

One Comment

  • I feel like I’ve been reading about this for a long time on this blog and it amazes me how long it took to make these common sense changes. Great work covering this story and good job congress for fixing a vague law that has been prone to abuse and legalized theft.