FELONY CLASSIFICATION FOR FAILURE TO FILE RETURN ON CERTAIN CASH TRANSACTIONS.

SEC. 3303. FELONY CLASSIFICATION FOR FAILURE TO FILE RETURN ON CERTAIN CASH TRANSACTIONS. (a) In General.— The last sentence of section 7203 of the Internal Revenue Code of 1986 (relating to willful failure to file return, etc.) is amended by striking “by substituting” and inserting “by substituting ‘felony’ for ‘misdemeanor’ and”. (b) GAO Study.— (1) In general.— The Comptroller General of the United States shall conduct a study of the criminal penalties established under section 7203 of the Internal Revenue Code of 1986 for violations of section 6050I of such Code. The study shall include an evaluation of— (A) the number of cases in which such penalties have been sought for such violations, and (B) any change in the effectiveness of such penalties by reason of the amendment made by subsection (a). (2) Report.— Not later than July 1, 1991, the Comptroller General shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate the results of the study required in paragraph (1). (c) Effective date.— The amendment made by subsection (a) shall apply to actions, and failures to act, occurring after the date of the enactment of this Act.