01-04-2022, 10:13 PM
IRS has a tax provision which provides 'protection' to criminals.As long as a crimin
<!-- SC_OFF --><div class="md"><blockquote> <p>If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,"' read the provision for stolen property</p> </blockquote> <p>What if you're dealing drugs or caught up in other crimes?</p> <blockquote> <p>In that case, the IRS publication says jot your earnings on line 8z, Schedule 1 of your 1040 form, "or on schedule C ... if from your self-employment activity And don't forget to report any bribes or kickbacks you took in the course of doing business.</p> </blockquote> <p>The kickbacks also go on Schedule 1 or Schedule C, while the IRS says bribes should simply be included in your income. </p> <p>At first, I thought its a joke but it's real. </p> <p>Basically, IRS wouldn't share the identity of the criminal to any other law enforcement agency. In other words, as long as criminal is paying tax it's all good.The main aim is to just get more and more in tax revenue without being bothered by the crime committed.This is just extreme level of double standards,the same authorities would cry "Crypto only used by Criminals" then this tax provision.</p> <p>Then why complain about Crypto being used by criminals? </p> <p>Link to the article : <a href="https://www.usatoday.com/story/money/2021/12/28/irs-says-stolen-property-must-reported-and-twitter-goes-wild/9035694002/">https://www.usatoday.com/story/money/2021/12/28/irs-says-stolen-property-must-reported-and-twitter-goes-wild/9035694002/</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Acceptable_Novel8200"> /u/Acceptable_Novel8200 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rvtbpf/irs_has_a_tax_provision_which_provides_protection/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rvtbpf/irs_has_a_tax_provision_which_provides_protection/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><blockquote> <p>If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,"' read the provision for stolen property</p> </blockquote> <p>What if you're dealing drugs or caught up in other crimes?</p> <blockquote> <p>In that case, the IRS publication says jot your earnings on line 8z, Schedule 1 of your 1040 form, "or on schedule C ... if from your self-employment activity And don't forget to report any bribes or kickbacks you took in the course of doing business.</p> </blockquote> <p>The kickbacks also go on Schedule 1 or Schedule C, while the IRS says bribes should simply be included in your income. </p> <p>At first, I thought its a joke but it's real. </p> <p>Basically, IRS wouldn't share the identity of the criminal to any other law enforcement agency. In other words, as long as criminal is paying tax it's all good.The main aim is to just get more and more in tax revenue without being bothered by the crime committed.This is just extreme level of double standards,the same authorities would cry "Crypto only used by Criminals" then this tax provision.</p> <p>Then why complain about Crypto being used by criminals? </p> <p>Link to the article : <a href="https://www.usatoday.com/story/money/2021/12/28/irs-says-stolen-property-must-reported-and-twitter-goes-wild/9035694002/">https://www.usatoday.com/story/money/2021/12/28/irs-says-stolen-property-must-reported-and-twitter-goes-wild/9035694002/</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Acceptable_Novel8200"> /u/Acceptable_Novel8200 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rvtbpf/irs_has_a_tax_provision_which_provides_protection/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rvtbpf/irs_has_a_tax_provision_which_provides_protection/">[comments]</a></span>Kind Regards R