Tag: taxable income
“Staked” cryptocurrency value may no longer be taxed as income
A recent settlement offered to taxpayers who filed a suit against the IRS may indicate a change in how staked cryptocurrencies are taxed. Previously, staking income was treated similarly to interest income. Many crypto exchanges were handling it like that...
SR Client Question: Are disability benefits paid out under an employer group disability plan taxable to the employee?
If an employer offers group term disability insurance as a fringe benefit to employees, any benefits received under this plan are typically taxable to the employee. However, according to IRS Revenue Ruling 2004-55, the employer has the option to design...
Understanding constructive receipt of income under cash basis
The accounting method you choose impacts when you deduct expenses and recognize income. Most individuals and small businesses use the cash basis method, where income is recognized when received and expenses are recorded when paid. This means income isn't taxable...