The US Internal Revenue Service (IRS) is preparing to overhaul its voluntary disclosure program, with plans to reduce penalties and accelerate the resolution of tax violations, including those involving cryptocurrencies, according to a Friday report by Forbes.
IRS Criminal Investigation Chief Jarod Koopman said the agency aims to introduce the revised program before December, with a target of resolving cases within 120 days of taxpayers completing the required submission process.
The overhaul would reportedly not establish a separate disclosure process for digital assets. Koopman told attendees at the UCLA Extension Tax Controversy Conference that the IRS would handle digital assets through the same voluntary disclosure procedures used for other forms of tax noncompliance.
The IRS official also indicated that penalties under the revised program would be substantially lower than those currently imposed, although he did not provide…
