This bill establishes a voluntary disclosure program for taxpayers who have failed to properly report taxes related to digital assets like cryptocurrency. Eligible taxpayers can participate by filing amended tax returns within 24 months, paying back taxes with interest, and paying a penalty that ranges from 0 to 40 percent depending on the amount owed and whether they certify the violations were not fraudulent or willful. In exchange, participants receive protection from certain additional penalties and, in most cases, immunity from criminal prosecution related to the disclosed violations. The Treasury Department must establish the program within 12 months of the bill's enactment, and the bill gives the Secretary of the Treasury authority to set specific rules and potentially waive penalties in cases involving reasonable cause or when appropriate for administering tax law.
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