Lorenzo
Sat Jun 08 2024
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7 answers
2276
What is the penalty for not reporting crypto?｜Not reporting your cryptocurrency transactions can result in .civil fines and penalties of up to $100,000 and criminal sanctions of up to five years in prison
I'm just curious about a matter concerning cryptocurrency. Could you clarify what happens if an individual fails to report their crypto transactions? I've heard rumors that there could be serious consequences, but I'm not quite sure of the specifics. Could you elaborate on the potential civil fines and penalties involved? Is it true that there could be fines as high as $100,000? And what about criminal sanctions? Could someone face imprisonment for not reporting crypto transactions? If so, how long could the sentence potentially be? Your insight would be greatly appreciated.
