The IRS has told Americans that they now need to report illegal activities to the agency on their 2021 tax returns in 2022.
Their website has released information information that detailed how Americans need to report any property they stole. It must be reported as income for the year.
This is just one of the new guidelines released by the IRS.
The entire list of 2021 tax guidelines can be read here.
Under a section titled Other Income, the IRS website 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.”
Protect yourself from identity theft with the IRS
Also covered on their website is the warning that scammers are stealing people’s Social Security numbers to steal their tax refunds.
Filing your return as soon as possible it the best thing to do, because people often do not realize their identity has been stolen until they go to file and it’s already been done.
If you have fallen victim to identity theft with the IRS, file Form 14039 and respond to notices from the IRS.
You can protect your identity with an Identity Protection Pin that will stop another person from filing with your information.
Only you and the IRS will know that pin.
Never give out your SSN and verify your tax person is legitimate.
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