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....
Non-Fungible Tokens (NFTs) seem to have exploded all over the place lately. They’ve ushered in a new class of digital assets and lucrative investment opportunities. Still, this burgeoning market raises significant challenges, especially around taxation. Waylon Wilcox, 45 of Pennsylvania, was just sentenced to 12 months incarceration for NFT tax...
A Pennsylvania preparer was sentenced to 6 years in prison after pleading guilty for preparing false tax returns. Waylon Wilcox, prosecutors allege, hid more than $12.3 million in CryptoPunk non-fungible token (NFT) sale proceeds as taxable income. Wilcox has been charged with intentionally underreporting his income and using fraudulent tactics...
One of the largest sellers of CryptoPunk NFTs has just pleaded guilty to tax evasion. This is an important precedent first for matters in the newly minted and fast-paced digital asset world. Thomas Carter Wilcox hid more than $13 million in income. Those earnings all came from the sale of...
Okay, let's be real. When I first heard about Trump overturning the IRS's DeFi broker rule, my initial reaction wasn't exactly celebratory. Like most, I was concerned about the implications for increased tax evasion. We can't pretend that crypto, with its inherent complexities, doesn't offer opportunities for the less scrupulous....