#IRSPlansLowerTaxDisclosurePenaltiesForCryptoCases
The US Internal Revenue Service (IRS) is overhauling its Voluntary Disclosure Program (VDP) to offer substantially lower penalties and a faster 120-day resolution window for taxpayers who come forward with previously undisclosed cryptocurrency transactions. According to an announcement by IRS Criminal Investigation chief Jarod Koopman, the agency aims to implement these updates before December 2026. [1, 2]
The policy shift is highly strategic, aligning with the rollout of the upcoming Form 1099-DA, which will drastically scale the IRS's automated digital asset data surveillance. By lowering the barriers to self-reporting, the agency hopes to clear out massive audit backlogs and pull non-compliant crypto holders into the legitimate tax system before its data systems force automatic enforcement. [1, 2, 3]
$DUSK
$TFUEL
$BTC
The US Internal Revenue Service (IRS) is overhauling its Voluntary Disclosure Program (VDP) to offer substantially lower penalties and a faster 120-day resolution window for taxpayers who come forward with previously undisclosed cryptocurrency transactions. According to an announcement by IRS Criminal Investigation chief Jarod Koopman, the agency aims to implement these updates before December 2026. [1, 2]
The policy shift is highly strategic, aligning with the rollout of the upcoming Form 1099-DA, which will drastically scale the IRS's automated digital asset data surveillance. By lowering the barriers to self-reporting, the agency hopes to clear out massive audit backlogs and pull non-compliant crypto holders into the legitimate tax system before its data systems force automatic enforcement. [1, 2, 3]
$DUSK
$TFUEL
$BTC