Stop CHEATERS Act
- Last Action
- 5/26/2021
Actions
- 2021-05-26Read twice and referred to the Committee on Finance.
- 2021-05-26Introduced in Senate
CRS Summary
As of 2021-05-26 (00)
Stop Corporations and High Earners from Avoiding Taxes and Enforce the Rules Strictly Act or the Stop CHEATERS Act
This bill provides additional appropriations through FY2031 for the enforcement activities of the Internal Revenue Service (IRS) and for taxpayer services and operations support. It establishes enforcement goals of annual audits of certain high-income tax returns, beginning in 2025, and each year thereafter.
The bill establishes new reporting requirements for certain banks or other financial institutions and increases enforcement penalties for accuracy-related underpayments of tax up to a maximum of 40% of the underpayment for taxpayers with taxable incomes greater than $5 million.
The IRS must report to Congress biennially on plans to shift more of its enforcement assets toward high-income tax filers and on an estimate of revenue losses from offshore tax evasion.
Cosponsors (3)
- Sherrod Brown (D-OH)
- Timothy Kaine (D-VA)
- Catherine Cortez Masto (D-NV)
Subjects
- Accounting and auditing
- Administrative remedies
- Appropriations
- Bank accounts, deposits, capital
- Business records
- Congressional oversight
- Debt collection
- Department of the Treasury
- Executive agency funding and structure
- Financial services and investments
- Fraud offenses and financial crimes
- Government information and archives
- Income tax rates
- Internal Revenue Service (IRS)
- Performance measurement
- Tax administration and collection, taxpayers
- Transfer and inheritance taxes
- Wages and earnings
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.