3.0.0 1788 2023-01-11T13:50:04Z 2023-01-11T13:50:04Z Senate S 2021-05-24 117 ssfi00 Finance Committee Senate Standing Referred to 2021-05-24T20:01:00Z 2021-05-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-05-24 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2021-06-07 False Taxation Accounting and auditing Appropriations Bank accounts, deposits, capital Banking and financial institutions regulation Computers and information technology Congressional oversight Criminal investigation, prosecution, interrogation Department of the Treasury Executive agency funding and structure Fraud offenses and financial crimes Government studies and investigations Inflation and prices Internal Revenue Service (IRS) Public contracts and procurement Racial and ethnic relations Tax administration and collection, taxpayers Taxation 00 2021-05-24 Introduced in Senate 2021-07-07T15:53:15Z 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.

]]> Restoring the IRS Act Display Title Restoring the IRS Act Official Title as Introduced A bill to provide appropriations for the Internal Revenue Service to overhaul technology and strengthen enforcement, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Restoring the IRS Act Introduced in Senate IS Introduced in Senate 2021-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s1788is/xml/BILLS-117s1788is.xml 2021-05-24 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.