IRS Plans Lower Penalties And 120-Day Tax Disclosures
The US tax agency is preparing a program overhaul targeting faster resolutions and more flexible payment options for voluntary disclosures.
The United States Internal Revenue Service is reportedly preparing an overhaul of its voluntary disclosure program, according to a report published by Forbes. The planned updates target 120-day resolutions, reduced penalties, and more flexible payment options for taxpayers voluntarily disclosing past tax violations.
Program Overhaul Details
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The planned changes focus on streamlining how past tax violations are handled, providing a structured timeline and reduced financial penalties for individuals and entities coming forward.
Key facts
- The Internal Revenue Service is planning changes to its voluntary disclosure program.
- The program overhaul targets 120-day resolutions.
- Taxpayers will see reduced penalties and more flexible payment options.
Source: cointelegraph.com
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