U.S. Proposes Voluntary Disclosure Program for Crypto Taxes with Reduced Penalties

According to ME News, on October 19 (UTC+8), Section 502 of the U.S. House of Representatives bill, the Digital Asset Tax Certainty Act (H.R. 10357), requires the U.S. Department of the Treasury to establish a voluntary disclosure program for digital assets within 12 months of the bill’s enactment. This program allows taxpayers to correct past errors in their cryptocurrency tax filings by submitting amended returns, paying back taxes and interest, and paying penalties specified under the program. Taxpayers generally must submit amended returns within 24 months of the program’s establishment.
This provision establishes two tiers of penalty rates: taxpayers who pledge perjury and declare that their violations were not fraudulent or intentional, and file within 12 months of the program’s establishment, will face a 0% penalty on the first $25,000 of unpaid taxes annually and a 5% penalty on the amount exceeding $25,000; taxpayers who do not make this declaration will face a 25% penalty on the first $25,000 and a 40% penalty on the amount exceeding $25,000, with additional penalties for late filing. Taxpayers who do not make this declaration may still avoid criminal prosecution based on compliant disclosure information. The bill was approved by the House Committee on Ways and Means on September 16, 2026, by a vote of 38 in favor and 5 opposed, and still requires passage by the full House and Senate, as well as presidential signature, to take effect. (Source: Foresight News)