An investor known as “Bitcoin Jesus” has agreed struck a deal with the U.S. government.
Roger Ver, an early bitcoin investor, will pay nearly $50 million in back taxes, penalties, and interest stemming from his willful failure to properly report his bitcoin holdings on tax returns, the U.S. Department of Justice announced Tuesday.
In return officials have dismiss the indictment against Ver, who expatriated from the United States to St. Kitts and Nevis in 2014.
“We are pleased that Mr. Ver has taken responsibility for his past misconduct and satisfied his obligations to the American public,” said Associate Deputy Attorney General Ketan D. Bhirud.
“This resolution sends a clear message: whether you deal in dollars or digital assets, you must file accurate tax returns and pay what you owe.”
Ver began acquiring bitcoins in 2011 and quickly become an avid promoter of cryptocurrency. Due to his net worth upon expatriation, Ver was required to file certain related tax returns and to pay taxes on the capital gains on his world-wide assets, including his bitcoins.
In the agreement, Ver admitted that when he filed these returns in May 2016, he did not report all his bitcoins and pay the required capital gains tax on their constructive sale.
Ver admitted that his failure to report capital gains from all these bitcoins caused a loss to the United States of $16,864,105.
He also admitted he owed the maximum penalty available under 26 U.S.C. § 6663 of more than $12 million, as well as interest on the taxes and penalties.
“Mr. Ver is accepting responsibility for his actions and has agreed to pay a substantial penalty,” said Acting United States Attorney Bill Essayli of the Central District of California. “Every person, whether you’re a millionaire or not, is required by law to pay taxes and we will not hesitate to hold anyone accountable.”
“No matter how sophisticated the technology or the asset, IRS-CI will continue to follow the money, ensure compliance, and protect the integrity of our tax system,” Kareem Carter, Executive Special Agent in Charge, added.
The Cyber Crimes Unit of IRS Criminal Investigation’s Washington, D.C. Field Office investigated the case.
Assistant Chief Matthew J. Kluge and Trial Attorney Peter J. Anthony of the Tax Division, and Assistant U.S. Attorney James. C. Hughes of the Central District of California prosecuted the case.
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