IRS plans reduced tax disclosure penalties including for crypto, Cointelegraph reports
CIE News ·
Based on reporting by Cointelegraph; not yet independently confirmed.
According to Cointelegraph, the IRS is preparing revisions to its voluntary disclosure program, targeting lower penalties for past violations including crypto assets.
The US Internal Revenue Service is preparing an overhaul of its voluntary disclosure program that covers cryptocurrency assets, according to Cointelegraph. The planned changes reportedly seek lower tax disclosure penalties and more flexible payment options for taxpayers who come forward. The agency also aims to achieve 120-day resolutions under the updated process.
Key facts
- IRS voluntary disclosure overhaul
- Covers crypto assets
- Targets 120-day resolutions
- Reduced disclosure penalties
Read the original at Cointelegraph