US lawmakers advance crypto tax amnesty bill, new penalties proposed

Legislation progressing through the US Congress may soon offer crypto investors the chance to correct past tax violations involving digital assets, potentially easing concerns for those who failed to report prior trades. The House Ways and Means Committee approved the bill by a 38-5 vote. However, the proposal must still clear both the House and Senate, and receive the president’s signature before it becomes law. If enacted, the bill would allow eligible taxpayers to amend previous returns to report crypto transactions, pay any owed taxes with interest, and settle a program-specific penalty. Andrew Gordon, executive director of Digital Asset Tax Action, stated that the proposal could significantly assist ordinary taxpayers.

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