Beware! IRS is stepping up enforcement action of the Bank Secrecy Act in closing out bank accounts of U.S. taxpayers making cash deposits.
Ronald Malone and his wife Janet Malone of Dubuque, Iowa lived a simple life and enjoying their retirement. Shortly before Ronald’s death in October 2011, Ronald told his wife about a briefcase containing $180,000 cash that he accumulated from his job as a publishing executive and from gambling winnings and investment income. After Ronald died, Janet who at the time was 68 years old, deposited this cash into her bank account in increments of anywhere from $5,800 to $9,000.
Unknown to Janet, these cash deposits were being reported by the bank to the IRS. Read More