An Austin, Texas man, Frank Richard Ahlgren III has been sentenced for two years imprisonment in connection with the filing of false tax returns which under-reported capital gains. United States Department You can also find out more about the following: Justice (DOJ) announced today.
According The DOJ Ahlgren It was an early Bitcoin Investor who started purchasing Bitcoin in 2011. In In 2015, he bought 1,366 bitcoins via his Coinbase Account, an entire year during which bitcoin’s price reached a peak of approximately $495 a coin. By October 2017, Bitcoin’s value had surged, and Ahlgren The total profit was $3.7 million. He You can then use the money to purchase a new home. Park City, Utah.
HoweverWhen filing his 2017 Tax Return, Ahlgren He inflated the price basis for his Bitcoin purchases and claimed he bought the coins above market prices. This The reported capital gain is significantly lower when the gains are misreported.
Between The year 2018 is now 2019. Ahlgren The taxpayer sold more bitcoins, worth $650,000 and failed to declare these transactions in his tax return. In In an effort to hide his gains, the man used multiple wallets and exchanged Bitcoin for cash personally. He also anonymized his bitcoin transactions by using mixers.
In DOJ said that Ahlgren’s actions resulted in a tax loss exceeding $1 million.
“Frank Ahlgren III earned millions buying and selling bitcoins,” said Acting Deputy Assistant Attorney General Stuart M. Goldberg The cheapest way to buy a car is by using the Justice Department’s Tax Division “But Instead of paying taxes, he misled his accountant as to the size of the gains he had made. He also tried to hide another portion of the profits he earned by using sophisticated methods to mask his bitcoin transactions. That conduct today earned him a two-year sentence.”
The U.S. District Court Judge Robert Pitman The sentence is: Ahlgren To two years’ imprisonment, followed by an additional year on supervised release. Additionally, Ahlgren Was ordered to pay $1.095,031 as restitution to U.S.
“Ahlgren Will serve jail time for believing that his bitcoin transactions could not be tracked. This This case proves that there is no exception to the rule of law. My Team IRS Criminal Investigation has the expertise and tools to track fThe following are some examples of how to useancial activity, whether it involves dollars, pesos, or cryptocurrency,” said Acting Special Agent in Charge Lucy Tan IRSCriminal Investigation (IRS-CI)’s Houston Field Office. “This The case is the first prosecution for tax evasion based solely on crypto. As As the price of bitcoin is high, the temptation to sell it without paying tax on the sale also increases. Avoid the temptation and avoid federal prison.”
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