Twitter users were in shock as they read the Publication 525 2022 tax guide, where it states income from illegal activity – such as money from dealing drugs – must be reported on Schedule 1 or Schedule C.
Townhall reports, as tax season approached, Twitter users poked fun at parts of IRS Publication 525 that look like they belong in the Babylon Bee.
A portion of the 2022 tax guide states “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,”
What if you’re involved in other crimes, like drug dealing? Likewise, the IRS wants a share of that income.
“Income from illegal activities, such a 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,” the rule states.
Twitter users were left aghast at sections of the IRS Publication 525 that seemed to reflect the inflation and lack of morals in modern society. The guideline stating that those involved in illegal activities, such as drug dealing, must report their income to the IRS was quickly labeled as evidence of ‘woke’ liberal agendas taking over and degrading society. Many considered it unbelievable that this could possibly be real, as though inflation had reached new heights and moral standards had hit an all-time low. Clearly, the public sentiment was one of shock and anger, with many calling it inflation run amok and more proof of what a degraded society we’ve become.