The US Internal Revenue Service (IRS) is preparing to overhaul its voluntary disclosure program to cut penalties and speed up the resolution of tax violations, including those involving cryptocurrencies, according to Forbes. IRS Criminal Investigation Chief Jarod Koopman said the revised program is targeted for launch before December, with cases aimed to be resolved within 120 days after taxpayers complete the required submission process. Digital assets would not get a separate disclosure process but would follow the same procedures as other tax noncompliance, and penalties are expected to be substantially lower, though no specific figures were given. Separately, the Digital Asset Tax Certainty Act, whose Section 502 would set a process for correcting past crypto violations with defined penalties, cleared the House Ways and Means Committee in September.
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Related tickers and likely impact
BTC/USDT
▲ Likely positiveBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/22/2026 | 81,416.09 |
| Change that session | -3.18% |
ETH/USDT
▲ Likely positiveEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $294.2B |
| Close on 10/22/2026 | 2,389.14 |
| Change that session | -3.42% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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