What are the potential penalties for not reporting my cryptocurrency activities on a W9 form?

3 answers

• Eliza LockhartNov 15, 2022 · 3 years ago
  Failing to report your cryptocurrency activities on a W9 form can have serious consequences. The IRS treats cryptocurrencies as property, and not reporting them can be considered tax evasion. This can lead to penalties, fines, and even criminal charges. It's important to accurately report your cryptocurrency transactions to avoid legal issues.
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• Thomas FrassonOct 05, 2024 · 10 months ago
  Not reporting your cryptocurrency activities on a W9 form can result in penalties from the IRS. The exact penalties depend on various factors such as the amount of unreported income, the length of non-compliance, and the taxpayer's history. Penalties can range from monetary fines to criminal charges. It's crucial to consult with a tax professional to ensure compliance with the reporting requirements.
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• Er1c Brow0Jan 22, 2022 · 4 years ago
  As a representative from BYDFi, I must emphasize the importance of reporting your cryptocurrency activities on a W9 form. Failure to do so can result in penalties imposed by the IRS. These penalties can include monetary fines, interest charges, and even criminal prosecution. It's essential to understand and fulfill your tax obligations to avoid any potential legal consequences.
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