Some (but not all) Americans are aware that all banks are required to report to the IRS whenever a customer deposits or withdraws cash in the amount of $10,000 or more.
The stated aim of this federal law is to catch criminal activity such as money laundering and drug trafficking.
Often, the IRS swoops in and simply steals the money from bank accounts where someone has deposited $10,000 or more in cash.
A new report by Treasury Inspector General for Tax Administration (TIGTA) has found that MORE THAN 90 PERCENT of the accounts and transactions which the IRS steals from are those of innocent restaurant owners, car dealers, merchants or other lawful business people. See here.
