Preventing Tax Fraud and Identity Theft Act

This bill, SB5133, aims to change the rules around when certain tax information must be reported to the Internal Revenue Service (IRS). Specifically, it seeks to modify the deadlines for filing these information returns under the Internal Revenue Code. The bill hopes to provide more time for taxpayers and businesses to gather the necessary information, potentially reducing errors and making the filing process smoother.

The bill would affect individuals, businesses, and possibly tax professionals by altering the deadlines for certain information returns. This could mean more time to prepare accurate filings, but it might also require adjustments in how tax records are managed throughout the year. The changes are intended to help prevent tax fraud and identity theft by ensuring that the IRS receives complete and correct information.

As of July 27, 2026, the bill has been introduced and read twice in the Senate, and it has been referred to the Committee on Finance. This committee will review the bill, hold hearings if necessary, and decide whether to recommend it for further action. The bill is currently in the early stages of the legislative process, and its future steps will depend on the committee's recommendations.