What if i failed to report crypto mining profits

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Failure to report crypto taxes can result in fines and criminal charges. Tax If you are mining crypto or using it for business purposes, you may be able. Not reporting your mining rewards to the IRS is considered tax evasion, a serious crime with serious consequences. The maximum penalty for tax evasion is 5. We discuss how to correctly report your crypto mining tax to the ATO for individuals & businesses and the criteria used to differentiate them.