⚖️ IRS to Slash Penalties for Crypto Tax Disclosures
The IRS is overhauling its voluntary disclosure program to offer lower penalties and faster resolutions for taxpayers who failed to report crypto holdings. IRS Criminal Investigation Chief Jarod Koopman announced the agency aims to launch the revised program before December.
The new process targets a 120-day resolution window, a significant drop from the current timeline which often exceeds one year. While specific penalty figures were not disclosed, Koopman stated they will be substantially lower than current levels.
Digital assets will be handled through the same voluntary disclosure procedures as other tax violations rather than a separate process. The agency is also considering flexible payment options, including installment plans and offers in compromise to settle liabilities.
#IRS #CryptoTax #Regulation #USA
The IRS is overhauling its voluntary disclosure program to offer lower penalties and faster resolutions for taxpayers who failed to report crypto holdings. IRS Criminal Investigation Chief Jarod Koopman announced the agency aims to launch the revised program before December.
The new process targets a 120-day resolution window, a significant drop from the current timeline which often exceeds one year. While specific penalty figures were not disclosed, Koopman stated they will be substantially lower than current levels.
Digital assets will be handled through the same voluntary disclosure procedures as other tax violations rather than a separate process. The agency is also considering flexible payment options, including installment plans and offers in compromise to settle liabilities.
#IRS #CryptoTax #Regulation #USA