The Internal Revenue Service (IRS), through the use of data
analytics and more likely through a summons issued to Coinbase,
Inc. account holders (more on this later), is increasing its focus
on the virtual currency industry by sending letters to taxpayers to
ensure they are accurately reporting virtual currency/crypto
transactions (think Bitcoin, among others). Even if you reported
properly, you may still receive a letter, as some information
reported to the IRS from the currency exchanges may contain
inaccuracies. A letter from IRS is never a welcome surprise in the
mail. The IRS reported that more than 10,000 letters were issued
over the summer. Taxpayers receiving these letters have been
targeted one way or another and may have failed to properly report
income and pay the resulting tax from virtual currency
transactions. By latest reports, the overall size of the crypto
market is estimated at more than $150 billion, including value of
blockchain companies, so it's no
