Austin man charged with falsely reporting cryptocurrency gains on tax returns

Austin man charged with falsely reporting cryptocurrency gains on tax returns

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Frank Richard Ahlgren III is charged with multiple counts of structuring and multiple counts of false returns.

AUSTIN, Texas — An Austin man has been charged with filing false tax returns and structuring cash deposits to avoid cryptocurrency information requirements.

The US Department of Justice (DOJ) said that between 2017 and 2019, Frank Richard Ahlgren III allegedly filed false tax returns that failed to declare or report the sale of $4 million in bitcoin on which he had made profits. substantial. The Justice Department said all taxpayers must report on their tax returns any proceeds from the sale and gains or losses from the sale of cryptocurrencies.

Ahlgren is accused of using proceeds from the sale of approximately $3.7 million in bitcoin to purchase a residence in 2017. The indictment also alleges that Ahlgren filed a false 2017 tax return that inflated the price he originally paid for the property. bitcoin, underestimating its profit. of the sale.

In 2018 and 2019, Ahlgren also allegedly sold more than $650,000 worth of bitcoins and did not report his bitcoin sales on his tax returns for those years.

The indictment also alleges that after selling some of his bitcoins in exchange for cash, Ahlgren made a series of bank deposits of the cash in amounts less than $10,000 each, to avoid triggering monetary transaction reporting requirements.

The Justice Department said Ahlgren faces up to five years in prison for each count of structuring and three years in prison for each count of false returns.

IRS Criminal Investigation and the Texas Attorney General’s Office are investigating the case.

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