IRS Targets 120-Day Tax Disclosure Process: Forbes
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Written by Nate Kostar staff writer
Edited by Robert Lakin staff editor
IRS plans lower tax disclosure penalties, including for crypto: Forbes
Latest News
Published: Oct 23, 2026
The US tax agency is aiming to streamline tax disclosure processes, reducing penalties and expediting resolutions for taxpayers, including those with cryptocurrency-related violations.
According to a Forbes report published on Friday, the US Internal Revenue Service (IRS) is planning a significant overhaul of its voluntary disclosure program. The goal is to:
- Reduce penalties
- Accelerate case resolutions within 120 days of submission
- Introduce flexible payment options, such as installment plans and offers in compromise
IRS Criminal Investigation Chief Jarod Koopman stated that the revised program, expected before December, will treat digital assets, including cryptocurrencies, under the existing voluntary disclosure procedures.
This proposed change marks a shift from the current process, which can take a year or longer. The new approach targets both intentional and unintentional tax noncompliance.
Lawmakers are also considering a separate voluntary disclosure program specifically for crypto taxpayers, addressing unintentional errors with defined penalties.
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