Tax season begins to hit crypto Reddit hard

With so many newcomers to cryptocurrencies this year, and the often complex tax situations cryptocurrency trading can create (assuming it's reported at all), some traders are beginning to receive unpleasant surprises in the mail. One Redditor has posted in horror after receiving a letter showing they owe upwards of $100,000 to the IRS.

Questions like "How can crypto be a viable currency if every transaction is taxed?" are beginning to pop up as well, and more than a few commenters have described their plans to not report any of their crypto activity — certainly a wise thing to be discussing on a public Internet forum.