Bill · S. 5133· Senate(119-S-5133)
Preventing Tax Fraud and Identity Theft Act
- Introduced
- 7/27/2026
- Last activity
- 7/27/2026 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Maggie Hassan
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
This bill, known as the "Preventing Tax Fraud and Identity Theft Act," aims to amend the Internal Revenue Code of 1986. It seeks to modify the required filing times for certain information returns. Specifically, it establishes a January 31 deadline for various electronic returns and gambling winnings reports. It also updates the reporting timeline for IRA distributions. These changes are set to take effect for returns relating to calendar years after December 31, 2027.
Yes· 3 of 5
Does this make what the government does easier for the public to see?+3
The bill creates more predictable and standardized timelines for reporting various financial information to the government.
Would people over 65 be better off under this?+2
The bill standardizes the timing for IRA distribution reports, which impacts many senior citizens' financial reporting.
Would retired people be better off under this?+2
Standardizing IRA distribution reporting timelines provides more consistent administrative procedures for retirees.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Standardized Filing Deadlines: The bill requires certain electronic returns to be filed on or before January 31 of the following year (Section 2(a)). This creates a specific deadline for returns required under sections 6041, 6042, 6047(d), 6049, 6050F, or 6050W.
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Timely Gambling Information: Returns relating to gambling winnings under section 6051 must be filed by January 31 of the following year (Section 2(b)). This ensures specific timelines for reporting these winnings.
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Consistent IRA Reporting: The bill modifies the timing for reports relating to IRA distributions to ensure they are filed no later than January 31 of the following calendar year (Section 2(c)).
Potential Negative Impacts for People
- No Negative Impacts Identified: The provided text does not contain information regarding potential negative consequences or burdens for individuals or groups.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Retirees+2Good For Seniors+2Good For High Income Households+1
- Governance And Ideology
- Improves Government Transparency+3
- Economy And Finance
- Improves Fiscal Responsibility+2
- 7/27/2026
- Read twice and referred to the Committee on Finance.
- 1 Cosponsor added.
- Introduced in Senate
Chuck GrassleyRepublican · Iowa