On Tuesday, September 5, 2017, The House of Representatives went ahead and passed the Clyde-Hirsch-Sowers RESPECT Bill, which refines the IRS’ authority when it comes to seizing taxpayers’ properties. The act revises the RESPECT Act, which was first introduced by Representative Peter Roskam and was passed by the House Ways and Means Committee back in July. From now on, instead of just seizing any property that is believed to be in violation of the Bank Secrecy Act, the IRS must now have actual proof of illegal activity first, particularity proof that the taxpayer was attempting to illegally get around the Bank Secrecy Act. Additionally, the IRS will be required to, within thirty (30) days of taking the property, attempt to find all of the true owners of the property and inform them of their rights.
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