The US Internal Revenue Service is preparing changes to its voluntary disclosure program that would lower penalties and speed up cases involving tax violations, including those related to cryptocurrency, Forbes reported. IRS Criminal Investigation Chief Jarod Koopman said the agency aims to introduce the revised program before December and resolve cases within 120 days after taxpayers complete the required submissions. He gave no penalty figures, and the agency is considering installment plans and offers in compromise.
The changes reportedly would not create a separate process for digital assets. The existing IRS program is intended for taxpayers whose willful noncompliance could expose them to criminal prosecution, not those who made unintentional reporting errors. Lawmakers are considering a separate proposal that would cover crypto taxpayers who made such errors; it cleared the House Ways and Means Committee in September.
