What the Waylon Wilcox case demonstrates is about more than one man’s error. This former resident of Pennsylvania was convicted of avoiding millions in taxes on his CryptoPunks transactions. As far as wake-up calls go, this one is loud and clear across the entire NFT ecosystem. It’s natural to want...
In March 2022, a Pennsylvania man pleaded guilty to evading federal taxes. He failed to disclose over $13 million in income from the sale of almost 100 CryptoPunk NFTs. Waylon Wilcox, a 45-year-old of Avery, Idaho, was sentenced to a maximum of six years in prison for his tax-related offenses....
A Pennsylvania man is on his way to prison after pleading guilty to hiding over $13 million in income. He accumulated this fortune by flipping CryptoPunks non-fungible tokens (NFTs). For example, Waylon Wilcox, who sold 97 CryptoPunks in 2021 and 2022 and failed to report that income to the IRS....
Though cutting-edge and revolutionary, the world of NFTs is becoming more difficult to navigate as tax agencies around the globe pay closer attention. A recent taxpayer case involving Waylon Wilcox is a relevant and sobering reminder of the high stakes of precise crypto tax reporting. Wilcox, an NFT art dealer,...
This CryptoPunk tax case? It isn’t simply a one-off done poorly by some flunky. It's a seismic event for the entire NFT landscape, and honestly, it's exactly what we needed. Alas for Waylon Wilcox, the IRS does not allow you to simply pretend your $13 million in CryptoPunk profit went...
Is Oregon really this out of touch? Meanwhile, in Washington D.C., the realization is finally dawning that we could be missing out on billions – yes, billions with a B – of economic activity. In the meantime, the Oregon Attorney General is pursuing a misguided lawsuit against Coinbase that will...
Over the last few years, the landscape of NFTs (Non-Fungible Tokens) has taken off. This boom presents thrilling new opportunities for artists, collectors, and investors to take advantage of. However, this digital frontier comes with a complex web of tax implications that many are only just beginning to understand. BlockTraderHub.com...