IRS Targets 120-Day Voluntary Disclosure Process With Lower…
By Abdelaziz Fathi
AI summary of the source article
The U.S. IRS is preparing to overhaul its voluntary disclosure program before December, introducing lower penalties and a 120-day resolution target. The revised framework will apply to willful tax noncompliance, including cryptocurrency-related violations, without establishing a separate digital-asset process.
Why it matters
The text states that "The planned 120-day target would shorten the period of uncertainty once that submission process is complete. Lower penalties could also increase the incentive to come forward before an IRS examination or investigation begins."
Key facts
- IRS official Jarod Koopman stated the agency aims to release the overhauled voluntary disclosure framework before December.
- The new framework aims to resolve cases within 120 days after submission, down from a year or longer under the current process.
- Cryptocurrency violations will remain within the general voluntary disclosure system rather than receiving a dedicated separate process.
Source excerpt · FinanceFeeds
The U.S. Internal Revenue Service is preparing to overhaul its voluntary disclosure program with lower penalties and a target of resolving cases within 120 days, changes that would also apply to taxpayers disclosing cryptocurrency-related violations.IRS Chief Tax Compliance Officer and Criminal Investigation chief Jarod Koopman said the agency is aiming to release the revised framework before Dece…