Today, the House Ways & Means Committee unanimously passed the "Clyde-Hirsch-Sowers-RESPECT Act" to rein in IRS asset forfeiture abuse in structuring cases. The bill, introduced by U.S. Representatives Peter J. Roskam (R-IL) and Joseph Crowley (D-NY), is named for Andrew Clyde; Jeffrey, Richard, and Mitch Hirsch; and Randy Sowers -- all small business owners victimized by the IRS.
In May, Chairman Roskam's Ways & Means Oversight Subcommittee held a hearing on Protecting Small Businesses From IRS Abuse. Both Republicans and Democrats expressed outrage over the Internal Revenue Service (IRS) and Department of Justice (DOJ)'s actions to seize the bank accounts of law-abiding American citizens. Watch Chairman Roskam's opening statement here and read the remarks here.
Last month, under intense pressure from Congress, the IRS finally agreed to send letters to everyone from whom it had seized assets based on allegations of "structuring" cash deposits. These people, who had done nothing wrong, can finally get some or all of their money back.
Last week, Randy Sowers, a Maryland dairy farmer who testified at the May hearing, found out he is getting his money back as a result of the Subcommittee's work.