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119-s-5275119th CongressWALLET

Presidential Tax Accountability and Audit Integrity Act

Sponsored By: Senator Wyden, Ron [D-OR]

Introduced

Summary

Prohibits covered instruments that would change federal tax treatment for the President or certain related people. It would also require fast public reporting and let the IRS extend audit windows for affected cases.

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  • President and related people: Would bar any agreement, order, waiver, release, or instruction that tries to affect a federal tax matter for the President or people related by family or common business control. The rule applies to instruments made while the President is in office and those dated on or after January 20, 2025.
  • Tax administration and taxpayers: The Secretary would give no effect to covered instruments when enforcing the tax code. The bill would let the IRS report identities and actions quickly, with initial notice within 7 days and then every 30 days until either 3 years after the President’s term ends or the instrument is rescinded.
  • Congress and public transparency: Changes to disclosure law would allow limited public release of return information as needed to meet the reporting rules and to inform Congress about covered instruments.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 3 costs, 0 mixed.

Longer IRS audit window after presidency

If enacted, the bill would extend the time the IRS can assess or collect taxes for people whose federal taxes were affected by a covered instrument made after January 20, 2025 and before enactment. For those "applicable persons," the assessment or collection period would not expire before the later of (A) three years after the President's term ends for that instrument, or (B) the usual deadline under section 6501. This extension only applies if the normal assessment period had not already expired when the covered instrument was entered into, granted, or made.

Ban on tax instruments for President

If enacted, the bill would ban and invalidate any “covered instrument” that tries to affect federal tax matters for the President or closely related people. Covered instruments include terms of agreements, waivers, releases, addenda, instructions, and similar documents made while the President is serving. The Treasury and IRS would have to give these instruments no effect when administering and enforcing the Internal Revenue Code. The rule reaches instruments entered into, granted, or made while the President is in office and applies to instruments made before, on, or after January 20, 2025.

Public reports on presidential tax deals

If enacted, the bill would require the Secretary to report to Congress and the public which taxpayers a covered instrument applies to and what actions the IRS took. The first report must be filed within 7 days after the instrument is entered into (or within 7 days after enactment for instruments already made). The Secretary must then report every 30 days until either three years after the President's term ends for that instrument or the instrument is rescinded. The bill would also change section 6103 to allow disclosure of return information to the public to the extent needed for these reports, with disclosures effective after enactment.

Sponsors & CoSponsors

Sponsor

Wyden, Ron [D-OR]

OR • D

Cosponsors

  • Sen. Cantwell, Maria [D-WA]

    WA • D

    Sponsored 8/6/2026

  • Sen. Whitehouse, Sheldon [D-RI]

    RI • D

    Sponsored 8/6/2026

  • Sen. Luján, Ben Ray [D-NM]

    NM • D

    Sponsored 8/6/2026

  • Sen. Welch, Peter [D-VT]

    VT • D

    Sponsored 8/6/2026

Roll Call Votes

No roll call votes available for this bill.

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