IRS Working With Criminals, Literally
You won’t believe this!
The shocking new rule from the Internal Revenue Service (IRS) requiring individuals to disclose their stolen earnings has led some Twitter users to ridicule the government organization.
They basically are asking criminals to pay taxes on the things they steal! Welcome to President Biden’s America!
According to Fox, As per the guidelines outlined in IRS Publication 525, taxpayers are obligated by law to disclose the worth of any stolen property acquired in the tax year.
“If you steal property, you must report its FMV (Fair Market Value) in your income in the year you steal it, unless in the same year you return it to its rightful owner,” the IRS blatantly wrote.
This same regulation also pertains to illegal activities such as bribery, drug trafficking, and other forms of income-generating criminal offenses.
Reportedly, the IRS employs the disclosed information exclusively for tax-related objectives and refrains from providing any evidence to law enforcement agencies.
Access to the information may only be granted to law enforcement through court orders in specific situations.
Americans immediately raged over this news and one Twitter user even wrote, The IRS be like: Get money wherever you can, but I need my cut!”
Neither President Biden nor Kamala Harris have spoken about this new rule and it’s unclear if they will.
Remember, the IRS requires you to report all income from illegal activities pic.twitter.com/6I1ocQOzWL
— Genevieve Roch-Decter, CFA (@GRDecter) March 6, 2023
