Digital Assets Voluntary Disclosure Program Act
Sponsored By: Representative Bean, Aaron [R-FL-4]
Introduced
Summary
This bill would create a standalone _Digital Assets Voluntary Disclosure Program_ to let people with undeclared crypto and similar ledger-based assets correct tax mistakes under a fixed remedial path. It sets who can join, what they must do to fix past violations, and what penalties apply.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Higher crypto penalties and payment rules
If enacted, uncertified applicants would need to file amended returns for each applicable year within 24 months after the program starts. You would have to pay the aggregate deficiency and the digital assets violation penalty immediately or enter and follow an IRS installment agreement. For each year the penalty would depend on your deficiency and timing: if you file within 12 months, uncertified rates would be 25% of the first $25,000 and 40% of the rest, while certified filers would face 0% of the first $25,000 and 5% of the excess. If amended returns are filed after 12 months, uncertified rates rise to 40% up to $25,000 and 50% above; certified rates become 5% up to $100,000 and 10% above. The Secretary could waive part or all of the penalty for justice or reasonable cause. The IRS could assess and collect these amounts like other taxes and without regard to some normal time limits. The lookback for which years you can disclose would be six years for uncertified filers and three years for certified filers.
New disclosure program for crypto taxpayers
If enacted, the Secretary would have to set up a Digital Assets Voluntary Disclosure Program within 12 months. You would be able to apply to fix past digital-asset tax violations under two tracks: certified (you sign under penalty of perjury that violations were not fraudulent or willful) and uncertified. If you properly disclose and pay the program penalty, the bill would waive certain accuracy-related penalties and generally bar the IRS from using those disclosures to refer or prosecute you for some criminal tax offenses. The bill would define "digital asset," let the Secretary write rules and give assurances about use of disclosed information, and authorize a reasonable application fee.
Sponsors & CoSponsors
Sponsor
Bean, Aaron [R-FL-4]
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov