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 thought of, and treated similar to, interest income. Many crypto exchanges were handling...

SR Client Question: Are disability benefits paid out under an employer group disability plan taxable to the employee?

If the employer provides group term disability insurance as a nontaxable fringe benefit to the employee, then benefits received under the plan are taxable to the employee.  However, per IRS Revenue Ruling 2004-55, the employer can have the plan allow...

Understanding constructive receipt of income under cash basis

The method of accounting you use largely determines when you get to take deductions and have to recognize (and pay tax on) income. Most individuals and small businesses use the cash basis method of accounting. This method is based on...