IRS gets tax income reports two months earlier to stop fraud.
S. 5133 — Preventing Tax Fraud and Identity Theft Act · Filed by Maggie Hassan (D-NH) · 1 cosponsor · Introduced Jul 27, 2026 · Referred to committee
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What it does
The bill moves the deadline for sending income reports to the IRS. Companies must send them by January 31 instead of March 31. Reports cover interest, dividends, gambling winnings, and IRA distributions. The goal is to help the IRS catch tax fraud faster.
Who it affects
Taxpayers benefit because the IRS can spot stolen-identity fraud sooner. Companies must change their systems to meet the earlier deadline. Smaller companies may struggle more than big ones.
One thing to notice
Companies have two fewer months to prepare income reports. This could cost money to update systems and cause more mistakes.
From the analysis of the bill text, linked under Primary records below.
Where it stands
1 cosponsor: 1 Republicans.
- Jul 27, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Jul 27, 2026 — Referred to Senate Committee on Finance · Congress.gov: “Read twice and referred to the Committee on Finance”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- IRA distributions — Money that people withdraw from retirement savings accounts.
- tax fraud — Lying about income or taxes owed to pay less money to the government.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,693 characters) on Aug 2, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,707 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-23.
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