Tax Reporting: Earlier Deadlines for Financial Forms
The Senate Committee on Finance is the next group that must review this bill. It has not moved since July 27, 2026. Most bills like this do not receive a committee vote and often stall at this stage.
This bill has support from both parties and is led by members of the committee that handles taxes, which increases its chances.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Banks, brokerages, retirement plan administrators and other businesses that file interest, dividend, retirement distribution, and third-party payment reports (1099-INT, 1099-DIV, 1099-R, 1099-K, etc.) would have to move their filing deadline up to January 31, months earlier than some current deadlines. This requires updating payroll and accounting software and compressing year-end processing timelines, creating a compliance burden, especially for smaller firms with fewer back-office resources.
“such return shall be filed on or before January 31 of the year following the calendar year to which such return relates.”
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Senators Maggie Hassan and Chuck Grassley introduced legislation to align the IRS filing deadline for information returns with the date they are sent to taxpayers. The move is expected to prevent nearly $1 billion in fraud by allowing the IRS to spot identity theft earlier in the season.
The Senate Finance Committee approved the Taxpayer Assistance and Service (TAS) Act, which now incorporates the Preventing Tax Fraud and Identity Theft Act. The provision requires financial forms like 1099s to be filed by Jan. 31 to help the IRS verify returns before issuing refunds.
The Senate Finance Committee voted 26-1 to advance the TAS Act, a bipartisan package that includes the Preventing Tax Fraud and Identity Theft Act. While the bill passed easily, Democrats unsuccessfully sought to block a controversial audit immunity deal for the President's family.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Preventing Tax Fraud and Identity Theft Act
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