Jewish & World News

Dealt some drugs? Stole some cash? There's a line on your income tax form to declare it. As ridiculous as it sounds, the federal government requires that money acquired through illegal means be reported and taxed just like legitimate income. It's right there on the official IRS tax instructions: "Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity."

Albany - State income-tax refunds will be delayed by several weeks as the state struggles to manage its cash flow amid growing budget deficits, officials said Tuesday.

As if U.S. tax forms aren't complicated enough, Congress is expected to include in its final health care reform bill a requirement that nearly all Americans have health insurance -- and prove it on their tax returns or face a fine. The Internal Revenue Service would be tasked with enforcing this new health insurance mandate, prompting some in the tax preparation business to say this is going to add a whole new burden to the tax agency. "Just the audits of this is going to be huge because our system is a voluntary compliance system," said Terry Jones a private certified public accountant. "The IRS can audit, of course, and this is a whole new area opening up that the IRS is going to have to be on top of." In addition, the health care reform bill likely would require the IRS to dole out taxpayer dollars -- subsidies -- to low-income Americans to help them pay for health insurance, administer tax credits to small businesses to help them offer health insu...