What are the consequences of missing the brokerage 1099 deadline for cryptocurrency investors?

3 answers

• Nov 25, 2021 · 3 years ago
  If a cryptocurrency investor misses the brokerage 1099 deadline, they may face penalties and fines from the Internal Revenue Service (IRS). The IRS requires brokerage firms to report the investor's transactions and income on Form 1099, and failing to meet the deadline can result in non-compliance. It's important for investors to stay organized and keep track of their transactions to ensure timely reporting and avoid potential consequences.
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• Nov 25, 2021 · 3 years ago
  Missing the brokerage 1099 deadline for cryptocurrency investors can lead to a headache of paperwork and potential legal issues. The IRS takes tax reporting seriously, and failure to report cryptocurrency transactions can be considered tax evasion. It's crucial for investors to be aware of the deadline and submit the necessary forms to avoid any negative consequences.
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• Nov 25, 2021 · 3 years ago
  When a cryptocurrency investor misses the brokerage 1099 deadline, it can create confusion and delays in the tax filing process. The investor may need to file an extension or amend their tax return, which can be time-consuming and may result in additional fees. It's always best to meet the deadline to ensure a smooth tax filing experience.
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