“in July of this year, the IRS announced that it began mailing educational letters to more than 10,000 taxpayers who may have reported Transactions Involving Virtual currency incorrectly or not at all. Taxpayers who did not report transactions involving virtual currency or who reported them incorrectly may when appropriate, be liable for tax, penalties, and interest. In some cases, taxpayers could be subject to criminal prosecution.” Below you’ll find a few key points in summary. If you’d like to know more please visit the IRS site.