Overview
On August 18, 2023, Bloomberg Tax quoted Caitlin Tharp in a piece titled “Crypto Tax Guidance Confusion Heralds Court Battles to Come.” The piece predicts upcoming legal fights over the proper categorization of crypto rewards due to IRS actions on crypto staking and the lack of regulations from Treasury. Stakers say the IRS guidance could include a multitude of reporting challenges and doesn’t account for the rapidly evolving landscape of crypto staking and the technology behind it.
Caitlin provided advice she would give to clients engaged in staking transactions, stating, “Follow the guidance, follow the revenue ruling, but with that said, certainly the time is ripe for someone to bring another suit challenging the IRS position on staking.”
The full article can be read on Bloomberg Tax (subscription required).
