Preventing Tax Fraud and Identity Theft Act
Sponsored By: Senator Hassan, Margaret Wood [D-NH]
Introduced
Summary
Standardize January 31 filing deadlines for many electronically filed information returns and for IRA distribution reports. It would set January 31 as the due date for returns covered by sections 6041 (excluding nonemployee compensation), 6042, 6047(d), 6049, 6050F, and 6050W, add a January 31 deadline for gambling-winnings reports tied to section 6051 and section 3402(q)(7), and impose a January 31 deadline for IRA distribution reporting. These changes apply to returns for calendar years after December 31, 2027.
Show full summary
- Filers of the specified information returns must submit those electronically filed returns by January 31 for applicable calendar years after 2027. This creates a uniform due date for those categories of reports.
- Trustees and custodians of individual retirement accounts must report distributions by January 31 under the amended IRA reporting rule. This specifically inserts a January 31 timing requirement for distribution reports.
- Payers or reporters of gambling winnings covered by the cited code sections would file gambling-related returns by January 31 for the relevant calendar years.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Earlier tax form deadlines for payers
If enacted, this bill would require many payers (banks, brokers, employers, and payment processors) to file specified information returns no later than January 31 of the year after the tax year. The rule would cover IRA distribution reports, returns tied to gambling withholding, and certain electronically filed returns for interest, dividends, broker reports, and payment records. Households would receive many tax forms earlier, which could speed tax filing and shorten identity-fraud windows. The new deadlines would apply to returns for calendar years after December 31, 2027.
Sponsors & CoSponsors
Sponsor
Hassan, Margaret Wood [D-NH]
NH • D
Cosponsors
Sen. Grassley, Chuck [R-IA]
IA • R
Sponsored 7/27/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov