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United States · Bill · S

S. 1788 (117th)

Restoring the IRS Act

referredUnited States· United States Congress· EN

Introduced

24 May 2021

Last action

24 May 2021 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Warren, Elizabeth [D-MA], Sen. Padilla, Alex [D-CA]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Restoring the IRS Act This bill provides additional appropriations after FY2021 for the expenses of the Internal Revenue Service (IRS) for taxpayer services, enforcement activities, and business systems modernization. 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 annually on plans to shift more of its auditing and enforcement assets toward high-income tax filers. The report must also include a tax gap analysis and a comprehensive analysis and description of whether there are any racial disparities in its enforcement activities or audits. The bill also applies false claims rules to claims, records, or statements made by taxpayers whose gross income equals or exceeds $10 million for the taxable year, and the damages sustained by the government due to such false claims exceed $1 million.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 24 May 2021

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 24 May 2021

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 24 May 2021

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 24 May 2021

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 24 May 2021

    Open at official source

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Sponsors

Related records

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Sources

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