IRS Plans Softer Penalties for Voluntary Tax Disclosures, Including Crypto
Edited by Steinar Vigdel Kolnes, Editor, Oslo
The IRS is planning changes to voluntary tax disclosures that would lower penalties, speed up resolutions and offer more flexible payments, according to a report.
The US Internal Revenue Service is planning to ease penalties for taxpayers who voluntarily report past tax violations, including those involving cryptocurrency, Cointelegraph reported, citing Forbes.
The proposed overhaul would aim to resolve voluntary disclosure cases more quickly. It would also give participating taxpayers greater flexibility in paying what they owe.
The changes concern a program for taxpayers who come forward about earlier tax violations. The report describes a planned revision, rather than measures already in effect.
Source: Cointelegraph
