The US Internal Revenue Service plans to overhaul its voluntary disclosure program before December to reduce penalties and accelerate the resolution of cases. The agency aims to resolve cases within 120 days of taxpayers completing the required submissions. Crypto-related violations will be handled through the general voluntary disclosure process rather than a separate program, and taxpayers may be allowed to settle outstanding liabilities through installment plans or offers in compromise. Penalties are expected to be substantially lower, although no specific amounts have been announced. Separately, the Digital Asset Tax Certainty Act would establish a disclosure program for crypto taxpayers who made unintentional reporting errors.
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