What are the penalties for non-compliance with W9 reporting requirements for cryptocurrency transactions?

3 answers

• robert_15_qFeb 22, 2022 · 4 years ago
  Failing to comply with the W9 reporting requirements for cryptocurrency transactions can have serious consequences. The IRS considers cryptocurrency as property, and any gains from its sale or exchange are subject to taxation. If individuals do not report their cryptocurrency transactions, they may face penalties such as fines, interest charges, and even criminal charges. It is important to accurately report all cryptocurrency transactions to avoid these penalties.
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• Lucy Bernice MensahDec 07, 2020 · 5 years ago
  Not reporting cryptocurrency transactions to the IRS can result in penalties and legal consequences. The IRS has been cracking down on cryptocurrency tax evasion and non-compliance. Failure to report can lead to penalties ranging from monetary fines to criminal charges. It is crucial to understand and fulfill your reporting obligations to avoid these potential penalties.
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• Rosario QuinlanJul 15, 2023 · 2 years ago
  When it comes to non-compliance with W9 reporting requirements for cryptocurrency transactions, the penalties can be quite severe. The IRS has been actively targeting individuals who fail to report their cryptocurrency activities. Penalties can include monetary fines, interest charges, and even imprisonment in extreme cases. It is essential to stay compliant with the reporting requirements to avoid these penalties and maintain a good standing with the IRS.
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