S. 4964 — Introduced in Senate

II 119th CONGRESS 2d Session S. 4964 IN THE SENATE OF THE UNITED STATES July 14, 2026Mr. Marshall (for himself and Mr. Welch) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to clarify that the exception to the general statute of limitations for fraudulent returns applies only when a taxpayer seeks to evade their tax obligations. 1. Short title This Act may be cited as the Protecting Innocent Taxpayers from Endless Assessments Act. 2. Limitation period not extended for victims of preparer fraud (a) In general Section 6501(c)(1) of the Internal Revenue Code of 1986 is amended by inserting by the taxpayer after intent. (b) Effective date The amendment made by this section shall apply to assessments made or proceedings begun after the date of enactment of this Act.