,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #abjj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,febru>y #bb1 #bjba   
,mr4 ,khanna introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to provide          
appropriations = ! ,int]nal ,rev5ue     
,s]vice to ov]haul te*nology & /r5g!n   
en=cem5t1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,/op    
,corporations & ,high ,e>n]s f ,avoid+  
,taxes & ,en=ce ! ,rules ,/rictly ,act  
or ! ,/op ,,*eat]s ,act4  #b4 ,policy ( 
,congress ,x is ! policy ( ,congress t--
  7#a7 tax compliance1 to raise rev5ue =
 national ne$s1 re/ore fairness1 &      
protect ! integrity ( ! tax sy/em1      
high-income ,unit$ ,/ates citiz5s &     
corporations %\ld pay all ( ! taxes !y  
owe1  7#b7 tax compliance1 z indicat$ by
 ! fraction ( taxes due t are report$ & 
paid1 %\ld be comp>able among gr\ps (   
taxpay]s reg>dless ( ! legal entity1    
7#c7 ! ,int]nal ,rev5ue ,s]vice %\ld be 
giv5 res\rces to increase audits &      

en=cem5t ( tax compliance ( high-income 
individuals to r$uce ! tax gap1 ) an    
emphasis on ! audit+ & en=cem5t ( tax   
compliance by individuals ) gross income
 ( n less ?an #a1jjj1jjj & ( l>ge       
corporations1 & to mod]nize its         
te*nology 9 ord] to bett] s]ve taxpay]s 
& en=ce ! tax laws1  7#d7 pursu+        
non-fil]s is "o ( ! mo/ effici5t        
en=cem5t /rategies ( ! ,int]nal ,rev5ue 
,s]vice because issu+ non-fil] notices c
 be a co/-effective tool t requires     
little m ?an automat$ notices1  7#e7    
priorities = actions & res\rces to      
improve compliance %\ld be guid$ by !   
relative rev5ue loss f non-compliance1  
7#f7 x %\ld be ! goal ( ! ,int]nal      
,rev5ue ,s]vice t1 by ! t5? tax ye> aft]
 ! effective date ( ?is /atute1 ! net   
tax gap1 z measur$ by ! fraction ( taxes
 t are due t are n report$ & paid1 %\ld 
be r$uc$ by at lea/ "o-?ird1 z comp>$ ) 
! fraction e/imat$ 9 ! mo/ rec5t        
,int]nal ,rev5ue ,s]vice /udy prior to  
enactm5t ( ?is /atute1 &  7#g7 x %\ld be

 ! goal ( ! ,int]nal ,rev5ue ,s]vice to 
provide quality1 timely1 & accurate     
assi/ance to all taxpay]s int]act+ ) !  
,int]nal ,rev5ue ,s]vice4  #c4          
,additional appropriations = ! ,int]nal 
,rev5ue ,s]vice  7a7 ,en=cem5t  7#a7    
,!re is appropriat$ ea* am\nt li/$ 9    
p>agraph 7#b7 = additional am\nts = !   
,dep>tm5t ( ! ,treasury--,int]nal       
,rev5ue ,s]vice--,en=cem5t acc\nt = !   
sal>ies & exp5ses ( additional /aff to  
/r5g!n ! en=cem5t capacity ( ! ,,irs &  
increase audits ye>ly until #bjbe s t ! 
foll[+ m9imum t>gets are rea*$3  7,a7   
#ej p]c5t ( individual tax returns ) a  
disclos$ total income ( n less ?an      
#aj1jjj1jjj4  7,b7 #cc p]c5t (          
individual tax returns ) a disclos$     
total income ( n less ?an #e1jjj1jjj &  
less ?an #aj1jjj1jjj4  7,c7 #bj p]c5t ( 
individual tax returns ) a disclos$     
total income ( n less ?an #a1jjj1jjj &  
less ?an #e1jjj1jjj4  7,d7 #ie p]c5t (  
corporations ) m ?an #bj1jjj1jjj1jjj 9  
assets report$ on ,s*$ule ,l4  7,e7 #dj 

p]c5t ( returns reflect+ taxes relat$ to
 e/ates l>g] ?an #aj1jjj1jjj4  7,f7 #a4b
 p]c5t ( returns reflect+ taxes relat$  
to gifts4  7,g7 #j4bb p]c5t ( tax       
returns fil$ by an employ] ) respect to 
employee comp5sation4  7#b7 ,! am\nts   
li/$ 9 ?is p>agraph are ! foll[+3  7,a7 
,= fiscal ye> #bjbb1 #b1jjj1jjj1jjj4    
7,b7 ,= fiscal ye> #bjbc1               
#d1jjj1jjj1jjj4  7,c7 ,= fiscal ye>     
#bjbd1 #e1jjj1jjj1jjj4  7,d7 ,= fiscal  
ye> #bjbe1 #h1jjj1jjj1jjj4  7,e7 ,=     
fiscal ye> #bjbf1 #h1ejj1jjj1jjj4  7,f7 
,= fiscal ye> #bjbg1 #h1ejj1jjj1jjj4    
7,g7 ,= fiscal ye> #bjbh1               
#h1ejj1jjj1jjj4  7,h7 ,= fiscal ye>     
#bjbi1 #h1ejj1jjj1jjj4  7,i7 ,= fiscal  
ye> #bjcj1 #h1ejj1jjj1jjj4  7,j7 ,=     
fiscal ye> #bjca1 #h1ejj1jjj1jjj4  7b7  
,taxpay] s]vices ,!re are appropriat$ ! 
foll[+ additional am\nts = ! ,dep>tm5t (
 ! ,treasury--,int]nal ,rev5ue          
,s]vice--,taxpay] ,s]vices acc\nt to    
c>ry out ?is ,act3 7#a7 ,= fiscal ye>   
#bjbb1 #a1jjj1jjj1jjj4  7#b7 ,= fiscal  

ye> #bjbc1 #a1jjj1jjj1jjj4  7#c7 ,=     
fiscal ye> #bjbd1 #a1jjj1jjj1jjj4  7#d7 
,= fiscal ye> #bjbe1 #b1ejj1jjj1jjj4    
7#e7 ,= fiscal ye> #bjbf1               
#b1ejj1jjj1jjj4  7#f7 ,= fiscal ye>     
#bjbg1 #b1ejj1jjj1jjj4  7#g7 ,= fiscal  
ye> #bjbh1 #b1ejj1jjj1jjj4  7#h7 ,=     
fiscal ye> #bjbi1 #b1ejj1jjj1jjj4  7#i7 
,= fiscal ye> #bjcj1 #b1ejj1jjj1jjj4    
7#aj7 ,= fiscal ye> #bjca1              
#b1ejj1jjj1jjj4  7c7 ,op]ations support 
,!re are appropriat$ ! foll[+ additional
 am\nts = ! ,dep>tm5t ( !               
,treasury--,int]nal ,rev5ue             
,s]vice--,op]ations ,support acc\nt to  
ov]haul outdat$ te*nology ( ! ,,irs &   
improve ! capacity ( ! ,,irs to detect  
fraud relat$ to income f a trade or     
bus9ess3  7#a7 ,= fiscal ye> #bjbb1     
#a1jjj1jjj1jjj4  7#b7 ,= fiscal ye>     
#bjbc1 #a1jjj1jjj1jjj4  7#c7 ,= fiscal  
ye> #bjbd1 #a1jjj1jjj1jjj4  7#d7 ,=     
fiscal ye> #bjbe1 #a1jjj1jjj1jjj4  7#e7 
,= fiscal ye> #bjbf1 #a1jjj1jjj1jjj4    
7#f7 ,= fiscal ye> #bjbg1               

#a1jjj1jjj1jjj4  7#g7 ,= fiscal ye>     
#bjbh1 #a1jjj1jjj1jjj4  7#h7 ,= fiscal  
ye> #bjbi1 #a1jjj1jjj1jjj4  7#i7 ,=     
fiscal ye> #bjcj1 #a1jjj1jjj1jjj4  7#aj7
 ,= fiscal ye> #bjca1 #a1jjj1jjj1jjj4   
7d7 ,availability ,ea* additional am\nt 
appropriat$ by ?is section %all rema9   
available until exp5d$4  #d4 ,returns   
relat+ to c]ta9 bus9ess transactions    
7a7 ,9 g5]al ,subp>t ,b ( "p ,,iii (    
sub*apt] ,a ( *apt] #fa ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #fjej,z4
 ,returns relat+ to c]ta9 transactions  
7a7 ,requirem5t ( report+ ,any bank or  
o!r f9ancial in/itution prescrib$ by !  
,secret>y by regulation :i*1 9 ! c\rse (
 any cal5d> ye>1 ma9ta9s an acc\nt = a  
cov]$ taxpay] %all make ! in=mation     
return describ$ 9 subsection 7b7 )      
respect to ea* su* taxpay] at su* "t z !
 ,secret>y may by regulations prescribe4
  7b7 ,return ,a return is describ$ 9   
?is subsection if su* return--  7#a7 is 
9 su* =m z ! ,secret>y may prescribe1 & 

7#b7 conta9s--  7,a7 ! "n1 address1 &   
,,t9 ( ! cov]$ taxpay] on behalf ( :om  
su* bank or f9ancial in/itution manag$  
an acc\nt1  7,b7 a summ>y report ( total
 deposits receiv$ & total )drawals made 
9 ea* su* acc\nt ( su* cov]$ taxpay]1 & 
7,c7 su* o!r in=mation z ! ,secret>y may
 require4  7c7 ,cov]$ acc\nt  7#a7 ,9   
g5]al ,= purposes ( ?is section1 ! t]m  
cov]$ acc\nt means any acc\nt belong+ to
 a cov]$ taxpay] ! ,int]nal ,rev5ue     
,s]vice id5tifies to a bank or f9ancial 
in/itution via electronic communication 
) su* bank or f9ancial in/itution4  7#b7
 ,regulations & guidance ,! ,secret>y   
may prescribe su* regulations & o!r     
guidance z may be appropriate or        
necess>y to facilitate-- 7,a7 !         
id5tification ( a cov]$ acc\nt by !     
,int]nal ,rev5ue ,s]vice1  7,b7 !       
ex*ange ( electronic in=mation betwe5 ! 
,int]nal ,rev5ue ,s]vice & a bank or    
f9ancial in/itution1 &  7,c7 !          
reconciliation ( cov]$ acc\nts ) ! tax  
return ( a cov]$ taxpay]4  7d7 ,cov]$   

taxpay] ,= purposes ( ?is section1 ! t]m
 cov]$ taxpay] means-- 7#a7 an          
individual :o1 ) respect to ! applicable
 taxable ye>--  7,a7 has an adju/$ gross
 income ( #djj1jjj or m1 &  7,b7 has any
 income t is n o!rwise report$ on any   
o!r return or /atem5t submitt$ to !     
,int]nal ,rev5ue ,s]vice by a ?ird p>ty1
 or  7#b7 a pass-?ru bus9ess entity1    
includ+ a p>tn]%ip or ,s corporation1 9 
:i* an individual describ$ 9 p>agraph   
7#a7 has an own]%ip int]e/4  7e7        
,/atem5t ,to be furni%$ to taxpay]s )   
respect to :om in=mation is requir$     
7#a7 ,9 g5]al ,e bank or o!r f9ancial   
in/itution prescrib$ by ! ,secret>y by  
regulation t is requir$ to make a return
 "u subsection 7a7 %all furni% to a     
cov]$ taxpay] ^: id5tity is requir$ to  
be set =? 9 su* return a writt5 /atem5t 
%[+ ! "n1 address1 & phone numb] ( !    
in=mation contact ( ! qualifi$ entity   
requir$ to make su* a return4  7#b7     
,furni%+ ( in=mation ,! writt5 /atem5t  
requir$ "u p>agraph 7#a7 %all be furni%$

 to ! taxpay] on or be=e ,janu>y #ca ( !
 ye> foll[+ ! cal5d> ye> = :i* ! return 
"u subsection 7a7 is requir$ to be made4
  7f7 ,applicable taxable ye> ,=        
purposes ( ?is section1 ! t]m applicable
 taxable ye> means ! taxable ye> end+ 9 
! cal5d> ye> ) respect to :i* a report  
is made "u subsection 7a74  7g7         
,regulations & guidance ,! ,secret>y may
 prescribe su* regulations & o!r        
guidance z may be appropriate or        
necess>y to c>ry out ! purposes ( ?is   
section1 includ+ guidance t facilitates 
! foll[+ objectives3 7#a7 ,annually on a
 date to be det]m9$ by ! ,secret>y1     
banks & f9ancial in/itutions w provide  
to ! ,int]nal ,rev5ue ,s]vice an        
electronic file conta9+ a complete li/ (
 ! acc\nts ( cov]$ taxpay]s & _!        
correspond+ taxpay] ,,id numb]s4  7#b7  
,! ,secret>y %all comp>e ! files        
describ$ 9 p>agraph 7#a7 ) ! tax returns
 ( taxpay]s & use su* comp>ison to      
det]m9e if a taxpay] is a cov]$ taxpay]1
 & in=m ! prop] bank or f9ancial        

in/itution if su* taxpay] is a cov]$    
taxpay]4  7#c7 ,banks & f9ancial        
in/itutions %all issue a #ajii or o!r   
,=m1 z designat$ by ! ,secret>y1 to     
acc\nts id5tifi$ "u p>agraph 7#b74  4   
7b7 ,cl]ical am5dm5t ,! table ( sections
 = sub*apt] ,a ( *apt] #fa ( su* ,code  
is am5d$ by add+ at ! end ! foll[+ new  
item3  ,sec4 #fjej,z4 ,returns relat+ to
 c]ta9 transactions4  4  7c7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjbb4  #e4 ,reports to   
,congress ,n lat] ?an #a ye> aft] ! date
 ( ! enactm5t ( ?is ,act & e #b ye>s    
!reaft]1 ! ,commission] ( ! ,int]nal    
,rev5ue ,s]vice1 aft] consultation ) !  
,comptroll] ,g5]al1 %all submit to      
,congress a report conta9+-- 7#a7 a     
compreh5sive description (--  7,a7 a    
plan to-- 7i7 %ift m ( ! audit+ &       
en=cem5t assets ( ! ,int]nal ,rev5ue    
,s]vice t[>d high-income tax fil]s1 &   
7ii7 recruit & reta9 auditors ) ! skills
 ess5tial to audit high-income          

individuals1 &  7,b7 ! progress made 9  
implem5t+ su* plan1  7#b7 an e/imate (  
rev5ue loss f (f%ore tax evasion1 &     
7#c7 in=mation ) respect to rev5ue loss 
due to su* tax evasion1 organiz$ by     
gr\ps ( taxpay]s arrang$ by ! true      
income level ( su* taxpay]s1 z det]m9$  
by ! ,secret>y4  #f4 ,,irs ,en=cem5t    
p5alties increas$ = c]ta9 taxpay]s  7a7 
,9 g5]al ,subsection 7a7 ( section #fffb
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ to read z foll[s3  7a7 ,imposition
 ( p5alty  7#a7 ,9 g5]al ,if ?is section
 applies to any portion ( an und]paym5t 
( tax requir$ to be %[n on a return1 !re
 %all be add$ to ! tax an am\nt equal to
 ! applicable p]c5tage ( ! portion ( !  
und]paym5t to :i* ?is section applies4  
7#b7 ,applicable p]c5tage ,= purposes ( 
p>agraph 7#a71 ! t]m applicable p]c5tage
 means-- 7,a7 9 ! case ( a taxpay] ) a  
taxable income ( less ?an #b million1   
#bj p]c5t1  7,b7 9 ! case ( a taxpay] ) 
a taxable income great] ?an #b million b
 less ?an #e million1 #cj p]c5t1 &  7,c7

 9 ! case ( a taxpay] ) a taxable income
 great] ?an #e million1 #dj p]c5t4  4   
7b7 ,effective date ,! am5dm5t made by  
?is section %all apply to returns on !  
due date :i* 7det]m9$ )\t reg>d to      
ext5sions7 is aft] ,decemb] #ca1 #bjbb4