IRS Ruling on Staking Rewards Income Signals Shift in Cryptocurrency Taxation Approach
In a decision bound to affect a significant number of global enterprises and law firms working with cryptocurrencies, The Internal Revenue Service (IRS) has clarified that stakers should include the value of any rewards earned from staking in their gross income. This ruling was released in Revenue Ruling 2023-14 on July 31, 2023. Specifically, it…