Preventing Tax Fraud and Identity Theft Act

The Preventing Tax Fraud and Identity Theft Act changes the deadline for filing specific financial information returns from March 31 to January 31. This new rule applies to electronic filings related to gambling winnings, certain bank account reports, and IRA distributions, as well as other specific financial forms. The changes are designed to help the government detect tax fraud and identity theft more quickly by receiving data earlier in the year. These provisions will only take effect for tax years after December 31, 2027.