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IRS to lower penalties in voluntary tax disclosure program, including crypto
The US Internal Revenue Service is preparing to overhaul its voluntary disclosure program, aiming to reduce penalties and speed up case resolution. The revised program is expected to be introduced before December and target resolution within 120 days after taxpayers submit required information. Penalties under the new rules would be substantially lower, though specific amounts were not disclosed. The IRS will handle digital‑asset cases through the same procedures as other tax non‑compliance, without a separate crypto process. The agency may also allow installment plans or offers in compromise for settling liabilities.