American Firearms Retailers Association (AFRA) Supports New Member, Clyde Armory, at recent Congressional Hearing.
Washington, DC –-(Ammoland.com)- AFRA, the American Firearms Retailers Association, today supported new AFRA member, Andrew Clyde, of Clyde Armory, Inc ( www.policeguns.com ) ., as he testified on Capitol Hill.
Mr. Clyde of Athens, Georgia gave testimony before the U.S. House Ways and Means Oversight Subcommittee regarding the abuse his company suffered at the hands of an IRS seizure of nearly a million dollars of lawfully earned small business revenue.
In April of 2013, the IRS seized $940,313 from Mr. Clyde’s business bank account. This IRS over-reach occurred despite the fact that these funds were earned legally at his thriving small business and both Mr. Clyde, and Clyde Armory were up-to-date tax payers.
Mr. Clyde was informed by IRS agents that his daily bank cash deposits violated a 1994 money laundering statute based on the frequency and amount of each deposit. Mr. Clyde, a combat veteran of three combat tours, countered that his daily cash deposits were consistent with his insurance policy, which only covered off-premise (trips to the bank) cash losses up to $10,000.
After putting business investments on hold and struggling to make payroll and pay taxes, Mr. Clyde was offered a “deal” by the IRS to resolve the case by forfeiting $325,000. Mr. Clyde wisely and with courage fought on. The US Attorney’s Office then filed a civil complaint against the money and not Mr. Clyde personally restricting his ability to defend himself.
After spending hundreds of thousands of dollars to defend himself and his successful small business, Mr. Clyde agreed to forfeit $50,000 to settle the case. It was a business decision based on the projected cost of the trial and the survivability of the business given the loss of more money.
“I hired my first employee in 2002 and today we have over 25 employees. . . I have been blessed to live the American Dream. . . April 12th, 2013 became my personal ‘day that will live in infamy’. . . Two IRS agents showed up at my door and served me with a seizure warrant. . . The seizure had the potential to devastate my business. . . Despite acknowledging in writing the cash was legitimate, the Government still attempted coercive tactics saying that I could be criminally prosecuted for misdeed. . . Three days before the trial, I forfeited $50,000 to settle the case. . . It was a tactical retreat,” excerpts from Mr. Clyde’s testimony before the U.S. House Ways and Means Oversight Subcommittee as delivered 2/11/15.
“AFRA, the American Firearms Retailers Association, stands with new AFRA member Andrew Clyde as he testifies before Congress about the abuses he suffered at the hands of the IRS.”
“Responsible, law-abiding, American firearms retailers, like Mr. Clyde, need a voice to fight against the myriad of challenges that threaten this vital and unique sector of the firearms industry. Government abuse and over-reach of brick-and-mortar firearms retailers like Mr. Clyde and many others in and outside the firearms industry is wrong and must never happen again.”
“AFRA is committed to supporting, protecting and assisting law abiding AFRA members like Andrew Clyde, who unfairly come into the cross hairs of abusive tactics of overreaching government regulators,” said Scot Thomasson, AFRA Vice President.
AFRA is a trade association dedicated to serving, promoting and providing a voice for America’s firearms retailers.
For more information, or to join on the American Firearms Retailers, visit www.theafra.org, or call 844-687-2372.