You're watching...
Wealth Health Managing Director Rich Coppa on IRS efforts to get tax filers to report income even from illegal activities and the best apps to help wi...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
I have a personal question or did you traffic in drugs steal some cash and 2012.
Is still the IRS wants to know what that in fact there's a line dedicated to reporting -- illegal -- On your tax return if you don't believe me take from the tax man himself.
Let the IRS says if you receive a bride included in your -- it says on line and it gets worse when you scroll down the page.
Income from illegal activities such as money from dealing illegal drugs must be included in -- and come on form 1040 I'm 41 who.
You -- that's stupid jury we now wealth help managing director rich copper OK rich.
I didn't I don't know how are -- in com but if I had illegally and come if I was dealing drugs I sure wouldn't reported to the -- -- what are they thinking.
You know who does or does thinking as crazy as it sounds you know the reality though I guess is that you know the IRS wants you record all sources of income illegal drug trafficking bribery whatever the case might be.
The only benefit I actually see a feeling that's if that could save the benefit is that.
You know you do avoid tax invasion if you ever caught in the future you can avoid penalties.
So interest of the department of justice and you're gonna get arrest.
Well that's that's always -- that -- -- a big push back right and so there's laws that say you know there's no sharing of information with regard to what's on the tax return without getting a warrant or something like that.
But if -- ever audits and and you know interviews of witnesses or any other.
Investigation into it that information which isn't the tax return first say can be shared with our -- -- I'm -- yes that's I can easily higher S is turning to do.
It's different find any stream of income they possibly can't they just want to boost them money coming in the front door at the end of the day.
And I I can't -- into anybody's gonna fault for that.
I looked at tax caps you get some interesting -- yeah that's for people out there let's start with Turbotax.
Snapped taxes an application.
You put on what cell Bob -- On -- phone on your iPad.
Absolutely need is some of these -- that -- and talk about some really great resources specially now going taxis I downloaded all of them to my iPhone and many of them are available not only for the iPhone but like you said I parried and enjoyed.
-- is -- at a Wagoner will add about 24 and 99.
TE file simple to -- returns it's not for -- I -- so I guess he used Turbotax nap for your college kids.
College kids there's plenty of people -- just have W two increments of interest you actually can just take a picture of that with your phone.
-- -- in forms that asked for and the good thing about because I've tried is.
If you do you have more information than what that app is able to do -- will tell you they could transfer that data right to the Turbotax web site.
And you know go forward with a more complicated -- So -- ever able to go that's the next day after it tax records get refund status of -- and like that check tax updates he like this one.
I like it you know you look on an -- business so I like it but I think it's the one piece that I think everyone could really use it everywhere and always asking what -- I get my tax refund so.
The most important part of this is you -- check your status of your tax refund.
Great expense reports it's rated the number one is -- obviously people like get rich I apologize we gotta run thanks for being on the show tonight yet.
Thank you all right thanks --
