From the Tax Law Offices of David W. Klasing — IRS Establishes that Staking Rewards Are Taxable Income in the Year Received

IRVINE, Calif., Aug. 24, 2023 /PRNewswire/ — Cryptocurrency staking rewards are incentives earned by individuals who participate in the proof-of-stake (POS) consensus mechanism within blockchain networks. Stakers lock up some of their cryptocurrency holdings as collateral to support…