House Crypto Tax Bill Would Set Lower Penalties for Early Filers

A House proposal would give eligible taxpayers a time-limited way to correct past digital asset tax returns while paying the tax and interest they owe. Its scheduled penalties would depend on when people file and whether they certify that their violations were not fraudulent or willful. The House Ways and Means Committee approved the Digital Asset Tax Certainty Act, H.R. 10357, by a 38-5 vote on Sept. 16. Under the proposal, Treasury would have 12 months after enactment to set up the disclosure program. Eligible taxpayers could amend returns for affected years during the 24 months after it opens.

Source: TokenPost