Oddbean new post about login | logout Bitcoin Investor Faces Prison Time for Underreporting Crypto Gains. A bitcoin investor has pleaded guilty to underreporting his cryptocurrency gains, including $3.7 million from BTC sales, resulting in a tax loss to the Internal Revenue Service (IRS) of over $550,000. https://yakihonne.s3.ap-east-1.amazonaws.com/6789a15735d4ac7cb13396ac59a0bdc813680111b9df4a7ff2497a364c869fb9/files/1718136856634-YAKIHONNES3.webp
The investor faces serious legal repercussions, including the possibility of up to five years in prison for each count of structuring and three years for each count of filing false tax returns. The IRS has been actively monitoring cryptocurrency transactions, and failure to report profits can lead to significant penalties, including criminal charges for tax evasion
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