IRS plans November to introduce a reformed voluntary disclosure program by the end of, with no separate procedure for digital assets
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AT A GLANCE
IRS The head said that the reformed tax voluntary disclosure program is planned for introduction by the end of November, with no separate procedure for cryptocurrency.
Article
【The U.S. Internal Revenue Service plans to introduce November a reformed voluntary disclosure program by the end of 】
The Internal Revenue Service (IRS) Criminal Investigation division head Jarod Koopman said that IRS plans to introduce November a reformed tax voluntary disclosure program by the end of (VDP), with the goal of shortening case processing to no more than 120 days after taxpayers submit complete materials, while reducing penalty amounts under the current system and considering arrangements such as installment payments. Koopman made clear that IRS will not establish a separate voluntary disclosure procedure for digital assets such as cryptocurrency; related income will be treated the same as other sources of taxable income and handled uniformly under the general voluntary disclosure program.
Key points
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IRS plans to introduce the November reformed tax voluntary disclosure program by the end of (VDP）。
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with the goal of shortening case processing to no more than 120 days.
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The program is expected to reduce penalty amounts under the current system and consider allowing installment payments.
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IRS No separate voluntary disclosure procedure will be established for digital assets such as cryptocurrency.
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Related income will be treated the same as other sources of taxable income and handled under the general voluntary disclosure program.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The U.S. Internal Revenue Service plans to adjust its voluntary disclosure program. Based on current statements, digital asset income will not use an independent channel but will be handled together with other taxable income.
Why it matters to readers
This could affect tax compliance arrangements related to digital assets, but the program remains at the planning and statement stage.
If you have income from cryptocurrency or other digital assets, you should monitor whether it will be handled under the general tax voluntary disclosure procedure.
Risks and unknowns
reformed VDP has not yet been shown by the evidence to have been formally issued or taken effect.
120 The target of processing within days, penalty adjustments, and installment payment arrangements remain planned or under consideration.
The evidence does not specify the final rule text or implementation timeline.
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