- BANKING TIPS Not a week goes by where some poor soul isn t e-mailing me saying he had the funds stolen in his bank account mistakenly/unlawfully by the IRS.Message 1 of 1 , Sep 15, 2009View Source
Not a week goes by where some poor soul isn’t e-mailing me saying he had the funds stolen in his bank account mistakenly/unlawfully by the IRS. Why doesn’t this sink in? Why do these same people tell me AFTER the theft that they wish they would have listened.
All of this is largely preventable by remembering these key elements:
· IRS surveys banks in vicinity to last address they have on file. They are prevented from surveying banks outside that vicinity unless they have reason to believe.
· Last address they have on file is determined in two manners: (1) by last address YOU gave them on a 1040 or other information return or (2) If you filed a change of address.
· Any bank account that draws interest WILL send in an information return to the IRS. The IRS will look there for it has an SSN, a name and a place to go steal from called a bank that WILL forward the funds.
· You can get a NON interest bearing account. Simply ask for it.