The IRS recently sent 10,000 form letters reminding Americans who had cryptocurrency trades that they owe taxes. Morgan Lewis of counsel Nelson Yates discussed the challenges taxpayers face when accounting for cryptocurrency income with CBS Moneywatch. “Where it gets challenging is if you or somebody is day-trading and buying in and out; there's a host of issues relating to what part of bitcoin did you sell, how long did you hold it, what is the method for determining what's going in or out?" Nelson said in the article. "The one thing taxpayers have in their corner is the lack of guidance. Now, if you just didn't report gains, that's where you'll find yourself in trouble."