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Texas Resident Sentenced to Two Years for Bitcoin Tax Fraud Beincrypto 14 Dec 2024

Texas Resident Sentenced to Two Years for Bitcoin Tax Fraud ⚖️

Frank Richard Ahlgren III, an early Bitcoin investor from Texas, has been sentenced to two years in prison for falsifying tax returns related to his Bitcoin sales. From 2017 to 2019, Ahlgren omitted or underreported proceeds from selling $4 million in Bitcoin, violating federal crypto taxation laws which require full disclosure.

Ahlgren began investing in Bitcoin in 2011, acquiring 1,366 BTC by 2015. In 2017, he sold 640 Bitcoins for $3.7 million but manipulated purchase prices to minimize reported gains. In subsequent years, he continued to sell Bitcoin worth $650,000 without declaring these sales on tax returns.

To conceal his activities, Ahlgren used multiple digital wallets, conducted cash exchanges, and employed crypto mixers. This case represents the first criminal prosecution in the US solely focused on crypto tax evasion, demonstrating the IRS's capacity to combat fraud in cryptocurrency transactions.

The case highlights increased scrutiny on crypto taxation, as figures like Roger Ver face similar charges. While the US tightens crypto regulations, countries like the Czech Republic and Russia are easing restrictions, showing diverse global approaches to crypto taxation.

Source: beincrypto.com ↗

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