US Congress Advances the Digital Asset Tax Certainty Act, Proposing a Voluntary Disclosure Relief Program for Digital Asset Taxes

Odaily reports that the U.S. Congress is advancing the Digital Asset Tax Certainty Act (H.R. 10357). Section 502 of the bill requires the U.S. Department of the Treasury to establish a "Digital Asset Voluntary Disclosure Program" within 12 months after the bill takes effect, allowing compliant taxpayers to correct past digital asset tax violations by submitting amended returns and paying back taxes plus interest, and to receive penalty relief. The bill has passed the U.S. House Ways and Means Committee by a vote of 38 to 5 and still requires full votes in the House and Senate as well as the President's signature. Under the provisions, taxpayers generally must submit amended returns within 24 months after the program launches; if they demonstrate that the violation was non-willful and does not constitute fraud, those who file within the first 12 months may receive relief from penalties on the first $25,000 of tax owed, with a 5% penalty on the excess, while taxpayers who do not make such a demonstration are subject to a higher penalty rate.