Tag: tax

NFT Tax Scandal: Is the IRS Stifling Crypto Innovation?

NFT Tax Scandal: Is the IRS Stifling Crypto Innovation?

Waylon Wilcox, a 45-year-old from Pennsylvania, recently pled guilty to not reporting $13 million of NFT earnings on his tax returns. Okay, tax evasion is wrong. Before you grab your pitchforks, consider this: is the IRS's heavy-handed approach to crypto taxes actually killing the goose that lays the golden eggs?Let’s...

NFT Tax Scandal: $13M Fraud Exposes Crypto Compliance Gaps

NFT Tax Scandal: $13M Fraud Exposes Crypto Compliance Gaps

The NFT market, which had reached an all-time peak earlier this year with boom-time fervor and valuations, has come crashing down in recent months. As the market cools, a crucial lesson emerges: tax compliance is not optional, even in the decentralized digital realm. Waylon Wilcox’s case serves as an important...

NFT Tax Scandal: A Wake-Up Call for Crypto's Wild West?

NFT Tax Scandal: A Wake-Up Call for Crypto's Wild West?

Waylon Wilcox. Remember that name. This isn’t another clickbait, headline-grabbing, bad news story. It serves as a metaphor for all that is bad – and maybe good – about the current crypto ecosystem. Wilcox, a 45-year-old of Manheim, Pennsylvania, who just pleaded guilty. His CryptoPunks NFT trading alone allowed him...