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.
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.
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