What are the consequences of not using IRS TIN matching service for cryptocurrency transactions?

3 answers

• Rakesh SirviFeb 14, 2025 · 7 months ago
  Not using the IRS TIN matching service for cryptocurrency transactions can have serious consequences. The IRS requires individuals and businesses to report their cryptocurrency transactions, and failing to do so can result in penalties and legal consequences. By not using the TIN matching service, you may be increasing the chances of making errors in reporting, which can trigger an audit or investigation by the IRS. Additionally, without TIN matching, there is a higher risk of engaging in transactions with individuals or entities that are not properly registered or compliant with tax regulations. This can expose you to potential scams or fraudulent activities. It's important to stay compliant and utilize the IRS TIN matching service to ensure accurate reporting and minimize the risk of penalties or legal issues.
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• Mangesh AzadFeb 15, 2022 · 4 years ago
  Not using the IRS TIN matching service for cryptocurrency transactions is like playing with fire. The IRS has been cracking down on cryptocurrency tax evasion, and failing to report your transactions can lead to severe penalties. By not using the TIN matching service, you're essentially leaving yourself exposed to potential audits and investigations. The IRS has sophisticated tools to track cryptocurrency transactions, and if they find discrepancies in your reporting, you could be facing hefty fines or even criminal charges. It's crucial to stay on the right side of the law and use the IRS TIN matching service to avoid these consequences.
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• Reece AlbrektsenApr 09, 2023 · 2 years ago
  As a representative of BYDFi, I strongly recommend utilizing the IRS TIN matching service for cryptocurrency transactions. Not using this service can result in serious consequences, including penalties and legal issues. The IRS is actively monitoring cryptocurrency transactions and has made it clear that they expect accurate reporting. By not using the TIN matching service, you're taking unnecessary risks and potentially exposing yourself to audits and investigations. It's always better to be safe than sorry, so make sure to use the IRS TIN matching service to ensure compliance and avoid any negative consequences.
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