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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5316 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5316

To amend the Internal Revenue Code of 1986 to extend the period of time 
      for making S corporation elections, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           November 14, 2024

   Mrs. Blackburn (for herself and Ms. Cortez Masto) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL

 
To amend the Internal Revenue Code of 1986 to extend the period of time 
      for making S corporation elections, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Administration Simplification 
Act''.

SEC. 2. EXTENSION OF TIME FOR MAKING S CORPORATION ELECTIONS.

    (a) In General.--
            (1) When election made.--Section 1362(b)(1) of the Internal 
        Revenue Code of 1986 is amended to read as follows:
            ``(1) In general.--An election under subsection (a) may be 
        made by a small business corporation for any taxable year not 
        later than the due date for filing the return of the S 
        corporation for such taxable year (including extensions).''.
            (2) Conforming amendments.--
                    (A) Section 1362(b)(2) of such Code is amended--
                            (i) by striking ``during such year and on 
                        or before the 15th day of the 3d month of such 
                        year'' in subparagraph (A) and inserting 
                        ``within the period described in paragraph 
                        (1)'', and
                            (ii) by striking ``made during the first 2 
                        \1/2\ months'' in the heading thereof.
                    (B) Section 1362(b) of such Code is amended by 
                striking paragraphs (3) and (4) and by redesignating 
                paragraph (5) as paragraph (3).
                    (C) Section 1362(b)(3) of such Code, as 
                redesignated by subparagraph (B), is amended--
                            (i) by striking ``(determined without 
                        regard to paragraph (3))'' in subparagraph (A), 
                        and
                            (ii) by striking ``(and paragraph (3) shall 
                        not apply)''.
                    (D) Section 1362(b) of such Code, as amended by the 
                preceding provisions of this subsection, is amended by 
                adding at the end the following new paragraphs:
            ``(4) Election on timely filed returns.--Except as 
        otherwise provided by the Secretary, an election under 
        subsection (a) for any taxable year may be made on a timely 
        filed return of the S corporation for such taxable year.
            ``(5) Secretarial authority.--The Secretary may prescribe 
        such regulations, rules, or other guidance necessary to 
        implement this subsection, including forms or other guidance 
        for making the election in the manner described by this 
        subsection.''.
    (b) Coordination With Certain Other Provisions.--
            (1) Qualified subchapter s subsidiaries.--Section 
        1361(b)(3)(B) of the Internal Revenue Code of 1986 is amended 
        by adding at the end the following flush sentence:
                ``Rules similar to the rules of section 1362(b) shall 
                apply with respect to any election under clause 
                (ii).''.
            (2) Qualified subchapter s trusts.--Section 1361(d)(2) of 
        such Code is amended by striking subparagraph (D).
    (c) Revocations.--Section 1362(d)(1) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``subparagraph (D)'' in subparagraph (C) 
        and inserting ``subparagraphs (D) and (E)'', and
            (2) by adding at the end the following new subparagraph:
                    ``(E) Authority to treat late revocations as 
                timely.--If--
                            ``(i) a revocation under subparagraph (A) 
                        is made for any taxable year after the date 
                        prescribed by this paragraph for making such 
                        revocation for such taxable year or no such 
                        revocation is made for any taxable year, and
                            ``(ii) the Secretary determines that there 
                        was reasonable cause for the failure to timely 
                        make such revocation,
                the Secretary may treat such a revocation as timely 
                made for such taxable year.''.
    (d) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        elections for taxable years beginning after the last day of the 
        calendar year which includes the date of the enactment of this 
        Act.
            (2) Revocations.--The amendments made by subsection (c) 
        shall apply to revocations made after the date of the enactment 
        of this Act.

SEC. 3. QUARTERLY INSTALLMENTS FOR ESTIMATED INCOME TAX PAYMENTS BY 
              INDIVIDUALS.

    (a) In General.--The table contained in section 6654(c)(2) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``June 15'' and inserting ``July 15'', and
            (2) by striking ``September 15'' and inserting ``October 
        15''.
    (b) Effective Date.--The amendments made by this section shall 
apply to installments due in taxable years beginning after the date of 
the enactment of this Act.

SEC. 4. EXTENSION OF MAILBOX RULE TO ELECTRONIC SUBMISSIONS AND 
              PAYMENTS.

    (a) In General.--Section 7502(c) of the Internal Revenue Code of 
1986 is amended--
            (1) in the heading, by inserting ``and Payment'' after 
        ``Filing'',
            (2) in paragraph (2)--
                    (A) in the heading, by striking ``; electronic 
                filing'', and
                    (B) by striking ``and electronic filing'', and
            (3) by adding at the end the following:
            ``(3) Electronic filing and payment.--
                    ``(A) In general.--In the case of any document 
                which the Secretary has permitted to be filed by 
                electronic means (or, in the case of any payment, which 
                the Secretary has permitted to be made by electronic 
                means), if such document or payment is--
                            ``(i) transmitted by the permitted 
                        electronic means to the agency, officer, or 
                        office to which the document was required to be 
                        filed (or payment was required to be made) on 
                        or before the prescribed date (or within the 
                        period required) with respect to such document 
                        or payment, and
                            ``(ii) received (or, in the case of a 
                        payment, received and accounted for) after the 
                        prescribed date or period required with respect 
                        to such document or payment,
                the date that such document or payment was transmitted 
                (as described in clause (i)) shall be deemed to be the 
                date that such document was filed or such payment was 
                made.
                    ``(B) Regulations.--Not later than the date which 
                is 1 year after the date of enactment of the Tax 
                Administration Simplification Act, the Secretary shall 
                issue such regulations or other guidance as the 
                Secretary determines necessary to carry out the 
                purposes of this paragraph.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to any document or payment sent on or after the date which is 1 
year after the date of enactment of this Act.
                                 <all>
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