Don Fort was quoted in a recent Tax Notes article entitled “IRS Updates Voluntary Disclosure Form With Electronic Bent,” published on February 16, 2022.
The article notes:
Don Fort of Kostelanetz & Fink LLP told Tax Notes the decision to allow electronic signatures and electronic fax submissions will always receive a positive reception, especially in the current environment.
Fort, a former chief of the IRS Criminal Investigation division, added that taxpayers contemplating voluntary disclosure are already anxious, so waiting a month or longer at the pre-clearance stage can be especially nerve-racking. If the intake process could be improved, that would be helpful, he said.
According to Fort, the blocks for reporting cryptocurrency under the old form “did not always apply well to virtual currency holdings.” The newer form with its more specific section will help clarify how taxpayers should identify their cryptocurrency holdings, he said.
Click here to read the full article.
