Stop CHEATERS Act

The Stop CHEATERS Act (S. 1857) aims to increase federal tax revenue by providing the Internal Revenue Service (IRS) with additional funding and resources to focus on high-income tax enforcement. The bill mandates annual audits for specific high-earning individuals and corporations, while increasing penalties for underpayments by those with taxable incomes exceeding $5 million. For the average citizen, the bill primarily impacts financial reporting requirements for banks and shifts the agency's enforcement focus toward offshore tax evasion and high-wealth filers rather than low-to-middle-income taxpayers.