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Increased Tax Enforcement for High Earners and Corporations, IRS Modernization.

This act aims to boost tax collection from high-income individuals and large corporations by strengthening audits and modernizing the IRS. Citizens can expect that individuals and companies avoiding taxes will face more scrutiny, leading to a fairer tax system and increased government revenue.
Key points
Increased Tax Audits: The IRS will conduct more frequent audits of individuals earning over $1 million annually and large corporations.
New Bank Reporting Rules: Banks will be required to report total deposits and withdrawals for individuals with incomes over $400,000 if their income is not already reported.
Higher Penalties for Underpayments: Penalties for underpaying taxes will increase, especially for higher-income individuals.
Investment in Technology and Taxpayer Services: The IRS will receive funds to modernize its systems and improve service for all taxpayers.
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Expired
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Additional Information
Print number: 117_HR_1200
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2021-02-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Stop CHEATERS Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1200.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-22.

What are the main provisions?

Key points include:

  • Increased Tax Audits: The IRS will conduct more frequent audits of individuals earning over $1 million annually and large corporations.
  • New Bank Reporting Rules: Banks will be required to report total deposits and withdrawals for individuals with incomes over $400,000 if their income is not already reported.
  • Higher Penalties for Underpayments: Penalties for underpaying taxes will increase, especially for higher-income individuals.
  • Investment in Technology and Taxpayer Services: The IRS will receive funds to modernize its systems and improve service for all taxpayers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Khanna, Ro [D-CA-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy