What are the consequences of not meeting the W9 requirements for cryptocurrency earnings?

3 answers

• Dec 26, 2021 · 3 years ago
  Failing to meet the W9 requirements for reporting cryptocurrency earnings to the IRS can have serious consequences. The IRS considers cryptocurrency as property, and any income generated from it is subject to taxation. If you don't report your cryptocurrency earnings and fail to meet the W9 requirements, you may be liable for penalties, fines, and even criminal charges for tax evasion. It's important to comply with the W9 requirements and accurately report your cryptocurrency earnings to avoid these potential consequences.
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• Dec 26, 2021 · 3 years ago
  Not meeting the W9 requirements for reporting cryptocurrency earnings can result in penalties and fines imposed by the IRS. The IRS has been cracking down on unreported cryptocurrency income, and failure to comply with the W9 requirements can trigger an audit or investigation. It's crucial to keep accurate records of your cryptocurrency transactions and report them properly to avoid any legal troubles.
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• Dec 26, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi advises its users to comply with the W9 requirements for reporting cryptocurrency earnings. Failure to meet these requirements can lead to penalties and legal consequences. The IRS has been actively pursuing individuals who fail to report their cryptocurrency income, and non-compliance can result in audits, fines, and even criminal charges. It's essential to understand and fulfill your tax obligations to avoid any negative repercussions.
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