March 25, 2022

IRS Taxation of Staking Rewards

Crypto Tax Planning, U.S. Tax Planning / By

As a team, we have been focusing on virtual asset taxation from a US perspective  – https://htj.tax/?s=crypto+irs The IRS has not issued any clear guidance on the taxation of staking rewards. In 2014, the IRS issued Notice 2014-21, which provides that cryptocurrency is treated as property for federal tax purposes, but Notice 2014-21 and subsequent Revenue …

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Doing Business in California

U.S. Tax Planning / By

Whether or not a CA state return and the $800 payment is due is a function of whether the entity has any nexus with CA.  Particularly whether, as per R&TC § 23101, (b) (1) – (1) The taxpayer is organized or commercially domiciled in this state. https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=23101&lawCode=RTC California defines “doing business” as “actively engaging in …

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