$50 billion of uncollected crypto taxes, an unpopular FTX plan, DOJ concerns over a Binance prosecution and other major news in regulation.
Gross income includes income realized in any form, whether in money, property, services or staking rewards. The ruling applies to cash-method taxpayers who receive any crypto as remuneration for validating transactions on proof-of-stake blockchains and applies both when staking cryptocurrency directly and through a centralized crypto exchange.
Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal claim there is a “$50 billion crypto tax gap,” and that the Internal Revenue Service and U.S. Treasury risk missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed. The senators are referring to new tax laws outlined in
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