Hopefully the Senate will bring it up, too.
The House Ways and Means Committee on Thursday approved bipartisan legislation that would limit when the IRS can seize taxpayer funds. The legislation, sponsored by Reps. Peter Roskam (R-Ill.) and Joe Crowley (D-N.Y.), passed the committee by voice vote. The bill concerns cases where taxpayers are suspected of “structuring” transactions under $10,000 to avoid bank-reporting requirements.
Under the legislation, the IRS would only be able to seize funds in suspected structuring cases when the funds came from illegal sources or the transactions were structured in order to conceal other criminal activity. Additionally, the legislation would establish a process to review seizures.
The bill came about following hearings held by the Ways and Means Committee’s oversight panel about the IRS’s civil asset forfeiture practices.