IRS to overhaul voluntary disclosure program, covering crypto tax violations
- —Target is resolving cases in 120 days versus a year or more now
- —Penalties will be 'significantly lower'; exact rates undisclosed
- —Installment plans and tax-debt compromises planned for unpaid taxes
- —No crypto-specific track; the general program will apply
Why it matters: Faster, cheaper resolution of crypto tax violations could pull more holders into compliance, but terms are not final.
Source: Blockmedia