This bill moves up the deadline for when certain financial institutions and businesses must file information returns with the IRS. Currently, many of these returns can be filed as late as February or March, but the new law would require them to be filed electronically by January 31 of the following year. The affected returns include those reporting income from interest, dividends, royalties, gambling winnings, and certain payments for goods and services. The stated purpose is to help the IRS detect tax fraud and identity theft more quickly by getting this information earlier in the tax year. The changes take effect for returns filed after December 31, 2027, giving businesses and financial institutions time to adjust their systems before the new deadline applies.
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