The US IRS plans to significantly reduce fines for voluntary disclosure of tax violations and include encrypted assets in a unified processing procedure On October 24th, according to Forbes, Jarod Koopman, the head of the Criminal Investigation Department of the Internal Revenue Service (IRS), revealed that the IRS is preparing for significant reforms to the Voluntary Disclosure Program (VDP) and is expected to announce new regulations by the end of November, aimed at reducing the cost of taxpayers voluntarily reporting historical tax violations. According to the proposed reform plan, the IRS plans to significantly reduce the current voluntary disclosure fines and shorten the case processing cycle from potentially over a year in the past to a maximum of 120 days. At the same time, the IRS is considering introducing installment payments and compromise settlement mechanisms to help taxpayers who are unable to pay their outstanding taxes in one go complete compliance rectification. Koopman has made it clear that the IRS will not establish a separate voluntary disclosure procedure for digital assets such as cryptocurrencies, and related tax violations will be uniformly addressed within the existing framework. At present, the specific amount of fine reduction and the implementation details of the new regulations have not been announced.