Preventing Tax Fraud and Identity Theft Act

This bill amends the Internal Revenue Code of 1986 to accelerate the filing deadlines for various information returns. It establishes a new rule requiring certain electronically filed returns, such as those for payments, dividends, interest, and broker transactions, to be submitted by January 31 of the year following the calendar year to which they relate.

The legislation also mandates that returns concerning gambling winnings and reports related to IRA distributions must similarly be filed by January 31. This change aims to provide the Internal Revenue Service with critical data earlier, thereby assisting in the prevention of tax fraud and identity theft. These amendments will take effect for returns pertaining to calendar years after December 31, 2027.