NFT (NFT) trader (NFT) may face imprisonment for up to six years after he admitted that he is guilty of reporting nearly $ 13 million from profits from encryption trading, according to the US Public Prosecutor’s Central Region Office in Pennsylvania.
Waylon Wilcox, 45, admitted to submitting wrong income taxes for years 2021 and 2022. The former investor Cryptopung admitted that he was guilty on April 9 to two charges of deposit Wrong individual income tax declarationsThe Federal Public Prosecutors said in April 11 press Release.
Once again in April 2022, Wilkox made a false tax declaration for the tax year 2021, which led to a lack of a tax of about $ 8.5 million and a tax was reduced by about $ 2.1 million.
In October 2023, Wilkox provided another false tax return for the fiscal year for the year 2022, reducing his income tax by $ 4.6 million and reducing his tax due by about $ 1.1 million.
Wilkox commits a sinner in providing wrong taxes, a press release. source: Lawyer Office for the Central Region in Pennsylvania
“The maximum sentence of federal law for these crimes reaches six years of prison, the duration of the release subject to supervision after the prison, and a fine,” according to the statement. However, the fine details and the timing of its punishment are still unclear.
Related to: A year later, NFT Trader Cryptopung sells nearly $ 10 million
He bought the trader and sold 97 pieces of the Cryptopung NFT collection, the largest NFT group in the industry, with a $ 687 million market capitalization.
source: Cryptopunks
In 2021, Wilcox 62 NFTS Cryptopung sold for a profit of about $ 7.4 million, but he was reported to him. In 2022, he sold an additional 3.9 million dollars. The Ministry of Justice said that Wilkox deliberately chose “no” when he was asked whether he had participated in digital asset transactions on both files.
“The criminal investigations into the Tax Authority are committed to revealing the complex financial plans that involve virtual currencies and NFT transactions designed to hide the taxable income,” said a special agent in the Philadelphia office responsible for Yuri Crohry, adding:
“In the economic environment today, it is more important than ever that the American people feel the confidence that everyone is playing with the rules and paying the taxes they owe.”
The case was investigated by the IRS and the Criminal Investigation Department.
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Gain the bases of traction tax traction
Crystate law laws attracted interest all over the world in June 2024 yet The Tax Authority issued a new encryption regulation We made encryption transactions subject to the requirements of third -party tax for the first time.
Since January, central Chexs exchange He asked other brokers to report sales and exchange of digital assets, including cryptocurrencies.
On April 10, US President Donald Trump fell into the joint Congress Decision to cancel the legislation of the administration’s administration, Biden, would have been required Decentralized financing (Defi) Protocols to report transactions to the Tax Authority.
It is scheduled to enter in 2027, the so -called Business Business Authority of the Tax Authority It would have expanded the scope of the tax authority Report requirements To include Defi platformsAsking them to reveal the total revenue from encryption sales, including information on tax drivers participating in transactions.
However, some organizational advisors believe this Stablecoin and Crypto Banking Legislation It should be a priority over the new tax legislation in the United States.
The “organizational approach designed” for areas that include securities laws and the removal of “obstacles in banking services” is a priority for American legislators who have a “further orientation” of the industry.
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