The IRS has opened a 90-day public comment period, ending March 22, 2026, for proposed updates to its Voluntary Disclosure Practice, including a more streamlined penalty framework.
The IRS said the proposed revisions reflect the agency’s commitment to improving its processes and to further incentivize non-compliant taxpayers to come into compliance.
The agency’s key proposed changes relate to its disclosure and compliance requirements, penalty framework, application and processing, and payment terms. Read more.