The US Internal Revenue Service is taking action against people who do not correctly report virtual currency trading income

According to Bloomberg Tax, the US Internal Revenue Service (IRS) has recently begun to take action against those who believe they have not correctly reported income and taxes in virtual currency transactions. The agency recently issued a letter called "Letter 6174-A" with the following content: "We have information indicating that you own or have one or more accounts with cryptocurrencies, but may not correctly report your involvement in virtual currency. Transactions, including cryptocurrency and non-encrypted virtual currency."