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Is someone safe if they report income from illegal means to the IRS?
(lemmy.autism.place)
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this post was submitted on 16 Jun 2024
145 points (97.4% liked)
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Why would the IRS need to know the source of the money? You generally don't have to report the source of income, just the income itself to IRS.
Now no person is going to directly report the drug money, it will be reported via a front company where cash transactions are normal and expected.
aka money laundering
Why would the [government] need to know [whether money has been illegally acquired or not]?
I think you have the answer to your question.
I didn't say government, I said IRS.
The FBI however, they would like to know.
I’m not American though. I didn’t realize that the IRS is not a branch of the government and definitely does not share its data with other people.
Still missing the point mate.
From a tax pov the gov doesn't care as long as it gets it cut.
The tax pov is not the only pov that interests you if you sell drugs tho.
Street preachers?