Forbes: Guinevere Moore Examines Proposed Changes to the IRS Voluntary Disclosure Program

Forbes: Guinevere Moore Examines Proposed Changes to the IRS Voluntary Disclosure Program

In her latest Forbes article, “Confession May Soon Cost Less: IRS Promises Lower Penalties For Voluntary Disclosure,” Guinevere Moore examines significant changes the IRS is considering for its voluntary disclosure program.

IRS Criminal Investigation Chief Jarod Koopman said the agency expects to release a substantially revised program before December. The IRS plans to streamline the process and reduce resolution times to no more than 120 days, a significant improvement over the lengthy delays taxpayers often face today.

Koopman also indicated that the revised program could substantially reduce financial penalties. The IRS is further exploring options such as installment payment plans and offers in compromise to help taxpayers with limited liquidity.

These changes could make voluntary disclosure a more practical and accessible path for taxpayers seeking to address past noncompliance. The IRS also expects to incorporate digital asset matters into the general voluntary disclosure program rather than create a separate process for cryptocurrency-related disclosures.

In the article, Guinevere analyzes the potential impact of these developments and what they could mean for taxpayers considering voluntary disclosure in the years ahead.

Read the full article in Forbes.