Randy Sowers claimed that, in order to
avoid the hassle of paperwork, his
bank teller advised him to bring in the
cash his creamery was raking in at
farmers' markets in amounts under
$10,000. That decision allowed the
bank and Sowers to avoid the trouble
of filing suspicious activity reports or
Form 8300s; but ended up costing
Sowers and his Maryland small
business $30,000 after settling with
the Internal Revenue Service for
"structuring," or "smurfing," deposits.
Lawmakers legislated against deposit
structuring to deter tax evasion, a
crime with which the IRS never
charged Sowers.
Video (3 minutes):
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