S 1857 117th Congress Senate Taxation 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

Stop CHEATERS Act

Introduced: May 26, 2021 Introduced by: King, Angus S., Jr. Independent · Maine See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 26, 2021

Read twice and referred to the Committee on Finance.

May 26, 2021

Introduced in Senate

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Plain-English summary Congressional Research Service

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.

What's happening now May 26, 2021

Read twice and referred to the Committee on Finance.

Bill text 1 version