The IRS (US Internal Revenue Service) raised its voice on the high earnings in the NFT period and said you will pay your taxes. It has been training its staff on this issue for a long time for more sanctions in the cryptocurrency field. Of course, it also gets the results and if these moves become more frequent, cryptocurrencies may become something to stay away from for US citizens. The latest development on cryptocurrency tax is important.
Prison for Crypto Tax
At the time of writing, the US Department of Justice wrote that the IRS had lost $550,000 in taxes due to a Texas citizen who had filed underreporting in previous years, and that the person would face a prison sentence. According to court documents and statements made in court, between 2017 and 2019, a citizen named Frank Richard Ahlgren filed false tax returns that did not include crypto income.
The Ministry of Justice, in its announcement today, specifically stated that “All taxpayers, Bitcoin 
$58,156 like crypto money “They are required to report the sales proceeds and gains or losses they realize from the sale of their units on their IRS tax returns.”
First BTC Ahlgren, who was identified as one of the investors, purchased approximately 1,366 BTC in 2015. At that time, BTC had reached a maximum level of $ 500. In 2017, he sold 640 of them for $ 5,807, making a total of $ 3.7 million. In 2017, he filled out a tax return in which he inflated the cost of BTC, thus underreporting his earnings. He did not mention his $ 650,000 sale in 2018 and 2019 in his return. Ahlgren, who caused a total tax loss of $ 550,000, is now on trial.
The US citizen risks up to three years in prison and will likely also face a fine.
US Tax Penalty
The IRS is making a bold effort to collect taxes for this type of entity that is not yet recognized by the state and is not publicly recognized throughout the state. The US administration, which is extremely lax in terms of rules protecting investors, is making serious investments in taxation and training special IRS tax inspectors.
Even Biden once said that he could generate billions of dollars in revenue by offering much more expensive electricity to crypto miners, additional crypto taxes, etc. He later criticized politicians who opposed him by saying, “You are defending crypto investors, not US interests.”
For the US, when you delay your tax, your debt increases with 0.5% interest each month. The person will probably face a thick bill with a monthly interest calculated for the loss of $550,000. Tax evasion and false declaration are considered serious crimes for the US. The result will be closely followed by US cryptocurrency investors.
Türkiye is not yet with cryptocurrency taxation Since it has not made the necessary legal arrangements regarding the issue and the tax laws do not work retroactively (based on the statements of the Revenue Administration Officials while discussing the tax issue at the end of 2021), it has not yet taken similar steps. However, it is not included in the last tax package. cryptocurrency tax There is talk that the regulation will be on the agenda again after the parliamentary recess. We may hear more about it before the year is out.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
