The IRS plans to overhaul its Voluntary Disclosure Program before December to reduce penalties and accelerate the handling of cases involving unreported digital asset income. The agency is targeting resolution within 120 days, compared with a timeline that can currently exceed one year. The revised program will offer lower penalties and more flexible payment options, including installments and offers in compromise. Crypto disclosures will be handled under the general program, while new Form 1099-DA reporting requirements for 2025 and a proposed congressional provision could further shape federal crypto tax compliance.
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