02 August 2018-Bucharest, Romania. People waiting and watching in the public park Herastrau for the movie to start on the projection screen of the open air cinema

IRS Guidance Declares That Taxpayers Must Include Staking Rewards in Gross Income

Start
On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which concludes that the fair market value of staking rewards received by a cash-method taxpayer is includible in the taxpayer’s gross income for the tax year in which the taxpayer gains “dominion and control” over the staking rewards. In this article, we explore several tax considerations for taxpayers who are engaged in cryptocurrency staking activities….
By: McDermott Will & Emery
Previous Story

The Supreme Court Declares Registered Out-of-State Businesses “At Home” in Pennsylvania

Next Story

AI Insights: Copyright Office Provides Guidance on the Registration of Works That Include AI-Generated Material