Legis Daily

Stop CHEATERS Act

USA117th CongressS-1857| Senate 
| Updated: 5/26/2021
Angus S. King

Angus S. King

Independent Senator

Maine

Cosponsors (3)
Catherine Cortez Masto (Democratic)Tim Kaine (Democratic)Sherrod Brown (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Feb 22, 2021

Latest Companion Bill Action

HR 117-1200
Introduced in House
May 26, 2021
Introduced in Senate
May 26, 2021
Read twice and referred to the Committee on Finance.
  • February 22, 2021

    Latest Companion Bill Action

    HR 117-1200
    Introduced in House


  • May 26, 2021
    Introduced in Senate


  • May 26, 2021
    Read twice and referred to the Committee on Finance.

Taxation

Accounting and auditingAdministrative remediesAppropriationsBank accounts, deposits, capitalBusiness recordsCongressional oversightDebt collectionDepartment of the TreasuryExecutive agency funding and structureFinancial services and investmentsFraud offenses and financial crimesGovernment information and archivesIncome tax ratesInternal Revenue Service (IRS)Performance measurementTax administration and collection, taxpayersTransfer and inheritance taxesWages and earnings

Stop CHEATERS Act

USA117th CongressS-1857| Senate 
| Updated: 5/26/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Feb 22, 2021

Latest Companion Bill Action

HR 117-1200
Introduced in House
May 26, 2021
Introduced in Senate
May 26, 2021
Read twice and referred to the Committee on Finance.
  • February 22, 2021

    Latest Companion Bill Action

    HR 117-1200
    Introduced in House


  • May 26, 2021
    Introduced in Senate


  • May 26, 2021
    Read twice and referred to the Committee on Finance.
Angus S. King

Angus S. King

Independent Senator

Maine

Cosponsors (3)
Catherine Cortez Masto (Democratic)Tim Kaine (Democratic)Sherrod Brown (Democratic)

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Accounting and auditingAdministrative remediesAppropriationsBank accounts, deposits, capitalBusiness recordsCongressional oversightDebt collectionDepartment of the TreasuryExecutive agency funding and structureFinancial services and investmentsFraud offenses and financial crimesGovernment information and archivesIncome tax ratesInternal Revenue Service (IRS)Performance measurementTax administration and collection, taxpayersTransfer and inheritance taxesWages and earnings