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Increased Tax Audits for Wealthy and Corporations, IRS Modernization.

This act aims to boost tax revenue by intensifying audits of high-income individuals and large corporations. It introduces new financial transaction reporting rules and increases penalties for tax non-compliance, while also allocating funds for IRS technological modernization and improved taxpayer services. Citizens can expect a more efficient tax system and better service from the IRS.
Key points
Increased Tax Audits: The IRS will more frequently audit individuals earning over $1 million annually and large corporations to ensure they pay their due taxes.
New Reporting Rules: Financial institutions will be required to report total deposits and withdrawals from accounts, aiming to help detect tax fraud.
Higher Penalties for Tax Errors: Penalties for underpaying taxes will be increased, especially for higher-income individuals.
IRS Modernization and Improved Service: The IRS will receive funds to upgrade its technology and enhance the quality of service for all taxpayers.
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Expired
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Additional Information
Print number: 117_S_1857
Sponsor: Sen. King, Angus S., Jr. [I-ME]
Process start date: 2021-05-26
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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_S_1857.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-26.

What are the main provisions?

Key points include:

  • Increased Tax Audits: The IRS will more frequently audit individuals earning over $1 million annually and large corporations to ensure they pay their due taxes.
  • New Reporting Rules: Financial institutions will be required to report total deposits and withdrawals from accounts, aiming to help detect tax fraud.
  • Higher Penalties for Tax Errors: Penalties for underpaying taxes will be increased, especially for higher-income individuals.
  • IRS Modernization and Improved Service: The IRS will receive funds to upgrade its technology and enhance the quality of 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 Sen. King, Angus S., Jr. [I-ME].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy