Yes, taxpayers must report their cryptocurrency trading to the IRS. Here's how.

Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously.

The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years. And the last thing you want is to lose money and time reconciling your tax liability, said Douglas Boneparth, a New York City-based certified financial planner.