Summary: H.R.1200 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for H.R.1200. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/22/2021)

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 and to increase audits yearly until 2025 to reach specified targets. It also provides additional appropriations for taxpayer services and operations support.

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 a taxable income greater than $5 million.