“Dealt some drugs? Stole some cash? There’s a line on your income tax form to declare it. As ridiculous as it sounds, the federal government requires that money acquired through illegal means be reported and taxed just like legitimate income. It’s right there on the official IRS tax instructions: ‘Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.’ If you tell the IRS you made $1 million from stealing money or dealing drugs, does the agency tip off the cops?”
http://money.cnn.com/2013/02/28/news/economy/illegal-income-tax/
Related posts:
Fed taper to cause 'severe recession': Economist
New Security Device Put To Use In Edmond Schools
Spain museum uses robot to spot cracks in artwork
GM says 2012 sales in China hit record highs
California Considers Banning Online Tobacco, E-Cigarette Sales
Michigan tax hike suffers worst ballot smackdown in decades
Spanish citizenship offer appeals to US Jews
Alan Greenspan Sees 'Double Digit' Inflation Ahead
Tests Show 0.00% BAC, Retired Firefighter Arrested For DUI & Car Impounded Anyway
Officer sold police-issued bulletproof vests in Walgreens parking lot
‘Prison Architect’ online game challenges players to build and maintain maximum security prisons
First-ever cyberattack on US election points to broad vulnerabilities
Greek central banker's big pay-off
Senators in Immigration Talks Mull Federal IDs for All Workers
The Bitcoin bungler - a salutary tale