Coinspeaker
US IRS Faces Lawsuit Over Crypto Staking Taxes Again
The US Internal Revenue Service (IRS) has once again been dragged to court for the way it taxes crypto-staking rewards. This follows after Josh Jarrett filed yet another lawsuit on Thursday, complaining about the agency’s approach, specifically the way taxes block rewards as income at the time of receipt.
Jarrett filed the new lawsuit in conjunction with Coin Center.
Why Is the US IRS Being Sued?
In the Thursday filing, the complainants argued that the IRS views block rewards as taxable income at the exact moment they are received. However, that is nothing but an unjust policy that should not be so, according to Jarrett and Coin Center.
For clarity, block rewards are newly minted tokens of a cryptocurrency that validators earn for their role in building a blockchain.
Per the lawsuit, these block rewards should only be considered new property and not income. Jarrett and Coin Center argue that the IRS should
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