US Bill Proposes Tax Amnesty Program for Crypto Investors

A new bill moving through the United States Congress aims to assist investors who made mistakes on their cryptocurrency tax filings. Section 502 of H.R. 10357 establishes a voluntary digital asset disclosure program under the authority of the Department of the Treasury.

The mechanism would allow eligible taxpayers to settle outstanding issues from previous years. The process involves submitting amended returns and paying the taxes owed along with interest and a specific penalty defined by the program. The measure seeks to provide a predictable solution for those who did not report transactions correctly in the past.

The House Ways and Means Committee approved the proposal with 38 votes in favor and 5 against on September 16. The bill still needs to pass the full House and the Senate before heading to the president for signature. Experts note that the initiative fills a gap left by new broker reporting rules known as 1099-DA.

Currently, investors who discovered flaws in their previous records lack a clear procedure to resolve their tax obligations. Many users faced difficulties interpreting the tax treatment of trades between different cryptocurrencies or consolidating data from multiple platforms. The new legislation intends to facilitate compliance for these taxpayers.