The IRS is reportedly preparing changes to its voluntary disclosure program, targeting 120-day resolutions, reduced penalties and more flexible payments for taxpayers.
- The IRS is planning to overhaul its voluntary disclosure program, aiming for faster resolutions and reduced penalties for tax violations, including those involving cryptocurrencies.
- The revised program will handle digital assets through existing voluntary disclosure procedures, with substantially lower penalties than currently imposed.
- Lawmakers are also considering a separate voluntary disclosure program specifically for crypto taxpayers who made unintentional reporting errors.
Topics: Legal regulatory, Jurisdictions, Compliance, 3 1 securities law classification, 2 1 established hubs, 33 1 automated on chain compliance
Tags: #irs #taxdisclosure #crypto #penalties #voluntarydisclosureprogram #digitalassets #taxpayers #uss #forbes #digitalassettaxcertaintyact
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