US Congress advances bill to create voluntary crypto tax disclosure program

The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act (H.R. 10357), which would require the Treasury secretary to establish a Digital Asset Voluntary Disclosure Program within 12 months. The program would allow eligible taxpayers to correct past crypto tax violations by filing amended returns and paying owed taxes, interest, and a program penalty. The legislation aims to address a gap in the system where investors who made "honest mistakes" in prior years have no predictable way to resolve their tax liabilities, especially as the IRS implements new 1099-DA reporting rules.