The U.S. Internal Revenue Service (IRS) is working on a substantial update to its voluntary disclosure program, with plans to cut penalties and speed up
- The IRS is planning to update its voluntary disclosure program before December, aiming to reduce penalties and expedite case resolutions for taxpayers with tax violations, including those related to cryptocurrency.
- Digital assets will be handled within the existing voluntary disclosure framework, not through a separate crypto-specific process, with a focus on willful noncompliance.
- Congress is also considering a separate legislative pathway, the Digital Asset Tax Certainty Act, which could offer defined penalties for unintentional crypto reporting errors, creating a potential policy tension.
Topics: Legal regulatory, Compliance, Jurisdictions, Enforcement actions litigation, Aml antimoneylaundering, Regulatory sandboxes pilots
Tags: #irs #cryptoreporting #voluntarydisclosure #taxpenalties #digitalassets #taxcompliance #forbes #jarodkoopman #digitalassettaxcertaintyact
No comments:
Post a Comment