The IRS is sending out notices to unlawful taxpayers reminding them to report stolen goods as income on their tax returns in April 2022.
Pres. Joe Biden ran on a “tax the rich” platform in 2020 and vowed to go after tax scofflaws who fail to report all of their income.
Despite his campaign promises not to raise taxes on anyone making less than $400,000, Biden’s IRS agents are going after thieves and burglars who don’t report their stolen loot as income.
Those who robbed high end retailers or pharmacies of items worth over $600 are expected to include the fair market value of the stolen items on their tax returns.
Criminals who don’t report their ill gotten gains on their tax returns risk arrest for income tax evasion – which carries stiff prison terms and fines.
Among the IRS changes going into effect in January include reporting payments via Cash App, Zelle, Patreon and Venmo as income on tax returns.
To make sure he squeezes every penny out of the middle class, Biden plans to double the IRS workforce by hiring nearly 87,000 new workers over the next decade.