IRS Plans Overhaul of Voluntary Disclosure Program to Lower Penalties
What happened
The Internal Revenue Service is planning a major overhaul of its voluntary disclosure program, according to a report by Forbes. The agency aims to reduce penalties and accelerate the resolution of tax violations, including those involving cryptocurrencies. The Internal Revenue Service Criminal Investigation plans to introduce the revised program before December, targeting case resolutions within 120 days of submission.
From cointelegraph.com
Why it matters
The overhaul introduces substantially lower penalties compared to current standards and considers allowing taxpayers to settle outstanding liabilities through installment plans or offers in compromise. The Internal Revenue Service will handle digital assets through the same voluntary disclosure procedures used for other forms of tax noncompliance.
From cointelegraph.com
Who's involved
- ForbesReported on the planned program overhaul of the Internal Revenue Service.
- IRS Criminal InvestigationThe division within the Internal Revenue Service leading the program overhaul.
- Internal Revenue ServiceThe federal government agency implementing the tax program changes.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Internal Revenue ServiceSpeculative
Taxpayers might face lower costs when settling outstanding tax liabilities through the revised voluntary disclosure program.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.Keep exploring
The entities involved
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Forbes
American business magazine
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IRS Criminal Investigation
financial crimes investigation division of the IRS
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