Does the IRS track Coinbase transactions?

Hello, I'm curious about the relationship between the IRS and Coinbase transactions. I've heard that the IRS is actively monitoring cryptocurrency transactions, and Coinbase is one of the most popular platforms for buying and selling cryptocurrency. So, does the IRS actually track Coinbase transactions? If so, how does this process work? Are there any specific steps that Coinbase users need to take to ensure that they are complying with IRS regulations? Thank you for your help in clarifying this issue.