Iraq Vet: IRS Extorted Me, Left Me No Money to Run My Business
An Iraq War veteran says the IRS extorted him and left him no money to run his small business.
Navy veteran Andrew Clyde, owner of Clyde Armory in Georgia, explained on tonight’s “On The Record” that the IRS seized nearly $1 million from him back in April 2013 due to a federal program which allows the IRS to seize assets over suspected criminal activity.
Clyde said two IRS agents showed up with a seizure warrant and took $940,313 from the company bank account. They accused him of “structuring,” or frequently depositing sums under $10,000, since deposits above $10,000 must be reported to the federal government.
Clyde told Greta Van Susteren that he had no idea what structuring was. He explained that his lawyers showed the IRS that the money was properly earned and reported, but the IRS still wouldn’t return it. Three weeks later, Clyde said the IRS offered to give back $600,000 if he forfeited $325,000 to the feds, but Clyde rejected the offer.
Three-and-a-half months later, a judge forced the IRS to return $440,000 and gave Clyde an expedited trial. Still, Clyde said he ended up forfeiting $50,000 to get the remaining $450,000 back.
Clyde testified to Congress about the ordeal Wednesday.
“I did not serve three combat terms in Iraq only to come home and be extorted by my government’s use of civil forfeiture laws, but that is what I feel they have done to me, and I need you to stop it from happening to anyone else,” he said.
Watch more above.