A man in Pennsylvania could serve up to six years in prison after submitting false tax returns that suppressed millions of dollars in income that he made of selling non-fungal tokens (NFTs).
Waylon Wilcox earned most of his non -reported money by 97 cryptopunk NFTs in 2021 and 2022, according to the office of the American lawyer for the Middle District of Pennsylvania.
The American lawyer says that Wilcox reported his income from 2021 by more than $ 8.5 million and has reduced his tax burden by almost $ 2.2 million. He then reported his income from 2022 by almost $ 4.6 million and reduced his tax by more than $ 1 million. Both years he indicated that he did not receive any money for digital assets, but saying public prosecutors say that he sold 97 cryptopunks worth $ 12.3 million.
Explained Yury Krute, Philadelphia Field Office Special Agent responsible,
“IRS criminal investigation is dedicated to the unraveling of complex financial regulations where virtual currency and non-fungal token (NFT) transactions are designed to hide taxable income. In today’s economic environment, it is more important than ever that the American people pays for everyone and pay taxes and the taxes and and the taxes and the taxes and the taxes and the taxes and the taxes and the taxes and the taxes and and the taxes” “and the taxes” ”
Wilcox committed two counts with regard to submitting false tax returns last week. He will be convicted at a later date and will be confronted with a maximum fine of six years in prison.
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