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119-s-588119th CongressWALLET

Presidential Audit and Tax Transparency Act

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

Introduced

Summary

Mandatory IRS audits plus public Internet posting of Presidents' tax returns and related audit materials. The bill requires the Treasury to examine each Presidential income tax return quickly after filing and to publish returns, periodic and final audit reports, and specified audit materials online with limited redactions.

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  • Presidents, spouses, estates, trusts, and entities they control face automatic IRS examinations for returns tied to periods in office and for amended returns. If a return is not filed within 60 days of its due date it is treated as subject to examination, and an initial public report must appear within 90 days after filing.
  • Major-party Presidential candidates must include the three most recent taxable years of applicable federal returns in their required filings. The campaign report must be amended within 15 days after nomination if those returns were not already submitted.
  • The public gets repeated transparency: the IRS must post initial, periodic (every 180 days), extension, and final reports and must publish enumerated audit materials within 90 days after an examination finishes. The Office of Government Ethics and the Federal Election Commission can obtain copies and may disclose returns publicly with required redactions.

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 1 benefits, 4 costs, 0 mixed.

Sharing returns with ethics and FEC

This bill would let Treasury provide Presidential returns to the Office of Government Ethics and candidate returns to the Federal Election Commission on written request. OGE and the FEC could give copies to their officers and employees and could publish the returns to the public with required redactions. The agencies would coordinate with Treasury on redactions and could publish returns already posted under the IRS rules by linking to them.

Candidates must provide three years' returns

This bill would require covered Presidential candidates and covered individuals (serving Presidents) to include copies of the three most recent taxable years' applicable federal income tax returns with their required reports. Nominees would have 15 days after nomination to file the returns, and nominees who already exist on enactment would have 30 days after enactment. If returns are missing, the FEC or the Office of Government Ethics would request copies from Treasury. The FEC or OGE would publish returned copies with allowed redactions, or accept the bill's public Internet link if the returns are already posted under the IRS rules.

Mandatory IRS audits and reports

This bill would require the Treasury Secretary to examine each Presidential income tax return "as rapidly as practicable" after filing. If a required return is not filed within 60 days after the due date, the IRS would treat it as subject to examination. The IRS would publish an initial public report within 90 days after filing, status reports every 180 days, and a final report within 90 days after the examination ends. The IRS would post returns and enumerated audit materials on the Internet and must redact SSNs, financial account numbers, names of minors, Treasury employee names, and street addresses.

Penalties for falsifying or not filing

This bill would make knowingly and willfully falsifying, or knowingly and willfully failing to file, required Presidential or candidate tax returns a basis for penalties, disqualification, and enforcement under existing chapter 131 rules. Existing enforcement and disqualification tools in section 13106 would apply to these acts. These enforcement additions would take effect on enactment.

Which tax returns count for Presidents

This bill would define which tax returns count as "Presidential" returns. It would include returns of the President, a spouse (as defined), corporations or partnerships the President controls, estates, and trusts, plus schedules and attachments. It would treat any return whose year, due date (including extensions), or filing date falls during the President's period as relevant. It would narrow family attribution to the spouse for control rules, but keep an exception if an entity was controlled in the prior four taxable years.

Sponsors & CoSponsors

Sponsor

Wyden, Ron [D-OR]

OR • D

Cosponsors

  • Sen. Klobuchar, Amy [D-MN]

    MN • D

    Sponsored 2/13/2025

  • Sen. Kaine, Tim [D-VA]

    VA • D

    Sponsored 2/13/2025

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 2/13/2025

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 2/13/2025

  • Sen. Whitehouse, Sheldon [D-RI]

    RI • D

    Sponsored 2/13/2025

  • Sen. Sanders, Bernard [I-VT]

    VT • I

    Sponsored 2/13/2025

  • Sen. Cantwell, Maria [D-WA]

    WA • D

    Sponsored 2/13/2025

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 2/13/2025

Roll Call Votes

No roll call votes available for this bill.

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