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What are the penalties for non-compliance with IRC 6050i in the cryptocurrency industry?

avatarAtreyee SahaNov 29, 2021 · 3 years ago1 answers

What are the potential penalties that individuals or businesses in the cryptocurrency industry may face for not complying with IRC 6050i?

What are the penalties for non-compliance with IRC 6050i in the cryptocurrency industry?
Cryptocurrency
IRC 6050i
Penalties

1 answers

  • avatarNov 29, 2021 · 3 years ago
    At BYDFi, we take compliance with IRC 6050i very seriously. Non-compliance with this reporting requirement can have severe consequences for individuals and businesses in the cryptocurrency industry. The penalties for not reporting cash or virtual currency transactions exceeding $10,000 can be substantial, with fines of up to $100,000 or 50% of the transaction amount, whichever is greater. Additionally, intentional non-compliance can result in criminal charges, potentially leading to imprisonment. It is essential for everyone in the cryptocurrency industry to understand and adhere to IRC 6050i to avoid these penalties and maintain a compliant operation.

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