According to the Middle District office in the central Pennsylvania, the swearing token (NFT) merchant was sentenced to up to six years in prison after underestimating almost $ 13 million in profits with a creepto punk transaction.
Waylon Wilcox (age 45) admitted to submitting a false income tax return for the tax year in 2021 and 2022. In a press release on April 11, former Cryptopunk investors made a conviction on April 9.
In April 2022, WILCOX submitted a false personal income tax notification for the tax year in 2021, which reported income tax to about $ 8.5 million and reduced taxes to about $ 2.1 million.
In October 2023, WILCOX submitted another false personal tax report in fiscal year in 2022, reporting income tax to $ 4.6 million and reducing taxes to nearly $ 1.1 million.
WILCOX is guilty of false tax reporting and press release. source: Pennsylvania Central Lawyer Office
According to the statement, “The maximum punishment for these crimes is a maximum of six years of imprisonment, a supervised release period and fines.” But the exact details of his sentences are unclear.
relevant: NFT trader
Trader purchased and sold 97 Cryptopunk NFT collections, the industry’s largest NFT collection, at a market cap of $ 668 million.
source: Password punk
In 2021, WILCOX sold 62 password punk NFTs with a profit of about $ 7.4 million, but taxes were reported to be much less. In 2022 he sold 35 more password punks for $ 4.9 million. The Ministry of Justice said that Wilcox intentionally chose “no” when he asked if he participated in a digital asset trading for both submissions.
Yury Krute, a special representative of the Philadelphiafield Office, said, “IRS crime investigations are trying to solve complex financial systems related to virtual currency and NFT transactions designed to hide taxable income.
“It is important to see that in today’s economic environment, all Americans are convinced that everyone plays and pays taxes.”
The case was investigated by the IRS and the Criminal Investigation Division.
relevant: The CZ applauded the charges of ‘no foundation’ in the United States.
Encryption tax rules gain traction
The Crypto Tax Law attracted interest worldwide in June 2024 after the IRS announced a new encryption regulations.
Since January, the centralized encryption exchange (CEX) and other brokers have to report the sale and exchange of digital assets, including cryptocurrency.
On April 10, US President Donald Trump signed a joint council resolution on April 10 to overturn the BIDEN administrative legislation, which Defi (Defi) protocols must report their transactions with IRS.
The so -called IRS Defi Broker rules, which will be effective in 2027, must expand the tax authorities’ existing reporting requirements to include the Defi platform and disclose the total proceeds in encryption sales, including information on taxpayers related to transactions.
However, some encryption regulators believe that the Stablecoin and Crypto Banking laws should be prioritized over the new tax law in the United States.
The “customized regulatory approach” for regions, including the Securities Law and the Removal of Obstacles of the Bank, is a priority for US lawmakers who have torture of the industry’s “larger rise”, Mattan Erder and Layer-3 decentralized blockchain networks.
https://www.youtube.com/watch?v=3dayench-2is
magazine: The U -turn of the SEC for encryption does not answer major questions.