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

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.

So as tax season gets into full swing, here’s a quick guide to which cryptocurrency activity is reportable, how it’s generally taxed and the best ways to prepare.