Made an ‘honest’ mistake with crypto taxes? New bill offers way out
A proposed US bill would let crypto investors correct past tax reporting mistakes through a dedicated disclosure program, with reduced penalties for eligible taxpayers.
Crypto investors who failed to report trades in previous years may soon breathe a sigh of relief thanks to legislation currently advancing in the US Congress.
Section 502 of the Digital Asset Tax Certainty Act, H.R. 10357, would require the Treasury secretary to establish a Digital Asset Voluntary Disclosure Program within 12 months of the bill becoming law.
That would allow eligible taxpayers to correct any past digital asset tax violation by filing amended returns and paying the tax owed, along with interest and a program penalty.