Raffaele
Sun Jun 09 2024
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7 answers
1443
What happens if I don't report crypto?｜Continued Failure to File Additionally, . Omitting your crypto gains from Form 8938 isn't worth it. On top of financial penalties, you might face criminal ones as well.for every 30 days after you've been notified about your failure to file, you could face another $10,000 in fines
Could you please elaborate on the consequences of failing to report cryptocurrency transactions? It seems serious when you mention both financial and criminal penalties. I'm curious about the specific details. For instance, how does the $10,000 fine accumulate for every 30 days of not reporting? And what kind of criminal charges could potentially arise from this? It seems like omitting crypto gains from Form 8938 isn't just a minor oversight but a serious offense. Could you explain further?
