What are the implications of not submitting w-8ben or w-9 forms for cryptocurrency earnings?

3 answers

• Feb 17, 2022 · 3 years ago
  Failing to submit the w-8ben or w-9 forms for your cryptocurrency earnings can have serious implications. The IRS requires individuals to report their income from cryptocurrency, and not submitting the necessary forms can be considered tax evasion. This can result in penalties, fines, and even criminal charges. It's important to comply with tax regulations and accurately report your earnings to avoid any legal issues.
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• Feb 17, 2022 · 3 years ago
  If you don't submit the w-8ben or w-9 forms for your cryptocurrency earnings, you may face difficulties when it comes to filing your taxes. These forms are used to determine your tax residency status and ensure that the correct amount of taxes is withheld. Without these forms, you may be subject to higher tax rates or have trouble claiming deductions. It's best to submit the necessary forms to ensure a smooth tax filing process.
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• Feb 17, 2022 · 3 years ago
  Not submitting the w-8ben or w-9 forms for your cryptocurrency earnings can lead to complications when it comes to reporting your income. BYDFi, a reputable cryptocurrency exchange, strongly advises its users to comply with tax regulations and submit the necessary forms. Failure to do so may result in delays or issues with withdrawing funds from the exchange. It's important to stay in compliance with tax laws to avoid any potential problems.
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