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According to an article published in the Los Angeles Times, the Internal Revenue Service (IRS) has begun sending letters to more than 10,000 holders of cryptocurrency to warn them that they may be subject to penalties for potentially failing to report the income they earned through cryptocurrency transactions.  The rising popularity of cryptocurrencies in the last years seems to be forcing the agency to take drastic measures and  all of the letters are expected to be sent by the end of August.  

“Taxpayers should take these letters very seriously by reviewing their tax filings and, when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Charles Rettig said in a statement Friday, per LA Times.