IRS to overhaul voluntary disclosure program, lower penalties for crypto tax violations
Agency aims to resolve cases within 120 days and offer installment plans, while lawmakers pursue a separate crypto-focused program
The US Internal Revenue Service (IRS) is planning to overhaul its voluntary disclosure program, reducing penalties and accelerating the resolution of tax violations, including those involving cryptocurrencies, according to a Friday report by Forbes. The revised program, expected before December, targets a 120-day resolution timeline and may introduce installment payment options.