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It used to be said that crime doesn\u2019t pay. But now, according to the IRS, not only does crime pay, but that pay is a taxable asset \u2014 and they want a cut. The Internal Revenue Service is now saying that criminals need to report income from crime when they file their taxes. The IRS website now states, \u201cIncome from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.\u201d This is under a section on taxes for \u201cIllegal activities.\u201d It notes in a separate area that \u201cIllegal bribes and kickbacks\u201d are nondeductible expenses, but notes that \u201cIf you receive a bribe, include it in your income.\u201d While clarifying the taxes it wants from kickbacks, the IRS clarifies \u201cYou must include kickbacks, side commissions, push money, or similar payments you receive in your income\u2026\u201d And also, if you\u2019ve stolen someone else\u2019s property, the IRS is also now saying it needs to be taxed. Under a \u201cStolen Property\u201d section, it states, \u201cIf 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.\u201d

In this live Q&A with Crossroads, Joshua will discuss these stories and others, and answer questions from the audience.

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