Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB684 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 684
5	5	To amend the Internal Revenue Code of 1986 to extend the period of
6	6	time for making S corporation elections, and for other purposes.
7	7	IN THE SENATE OF THE UNITED STATES
8	8	FEBRUARY24, 2025
9	9	Mrs. B
10	10	LACKBURN(for herself and Ms. CORTEZMASTO) introduced the
11	11	following bill; which was read twice and referred to the Committee on Finance
12	12	A BILL
13	13	To amend the Internal Revenue Code of 1986 to extend
14	14	the period of time for making S corporation elections,
15	15	and for other purposes.
16	16	Be it enacted by the Senate and House of Representa-1
17	17	tives of the United States of America in Congress assembled, 2
18	18	SECTION 1. SHORT TITLE. 3
19	19	This Act may be cited as the ‘‘Tax Administration 4
20	20	Simplification Act’’. 5
21	21	SEC. 2. EXTENSION OF TIME FOR MAKING S CORPORATION 6
22	22	ELECTIONS. 7
23	23	(a) I
24	24	NGENERAL.— 8
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27	27	•S 684 IS
28	28	(1) WHEN ELECTION MADE .—Section 1
29	29	1362(b)(1) of the Internal Revenue Code of 1986 is 2
30	30	amended to read as follows: 3
31	31	‘‘(1) I
32	32	N GENERAL.—An election under sub-4
33	33	section (a) may be made by a small business cor-5
34	34	poration for any taxable year not later than the due 6
35	35	date for filing the return of the S corporation for 7
36	36	such taxable year (including extensions).’’. 8
37	37	(2) C
38	38	ONFORMING AMENDMENTS .— 9
39	39	(A) Section 1362(b)(2) of such Code is 10
40	40	amended— 11
41	41	(i) by striking ‘‘during such year and 12
42	42	on or before the 15th day of the 3d month 13
43	43	of such year’’ in subparagraph (A) and in-14
44	44	serting ‘‘within the period described in 15
45	45	paragraph (1)’’, and 16
46	46	(ii) by striking ‘‘
47	47	MADE DURING THE 17
48	48	FIRST 2
49	49	1
50	50	⁄2MONTHS’’ in the heading there-18
51	51	of. 19
52	52	(B) Section 1362(b) of such Code is 20
53	53	amended by striking paragraphs (3) and (4) 21
54	54	and by redesignating paragraph (5) as para-22
55	55	graph (3). 23
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58	58	•S 684 IS
59	59	(C) Section 1362(b)(3) of such Code, as 1
60	60	redesignated by subparagraph (B), is amend-2
61	61	ed— 3
62	62	(i) by striking ‘‘(determined without 4
63	63	regard to paragraph (3))’’ in subparagraph 5
64	64	(A), and 6
65	65	(ii) by striking ‘‘(and paragraph (3) 7
66	66	shall not apply)’’. 8
67	67	(D) Section 1362(b) of such Code, as 9
68	68	amended by the preceding provisions of this 10
69	69	subsection, is amended by adding at the end the 11
70	70	following new paragraphs: 12
71	71	‘‘(4) E
72	72	LECTION ON TIMELY FILED RETURNS .— 13
73	73	Except as otherwise provided by the Secretary, an 14
74	74	election under subsection (a) for any taxable year 15
75	75	may be made on a timely filed return of the S cor-16
76	76	poration for such taxable year. 17
77	77	‘‘(5) S
78	78	ECRETARIAL AUTHORITY .—The Secretary 18
79	79	may prescribe such regulations, rules, or other guid-19
80	80	ance necessary to implement this subsection, includ-20
81	81	ing forms or other guidance for making the election 21
82	82	in the manner described by this subsection.’’. 22
83	83	(b) C
84	84	OORDINATIONWITHCERTAINOTHERPROVI-23
85	85	SIONS.— 24
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88	88	•S 684 IS
89	89	(1) QUALIFIED SUBCHAPTER S SUBSIDI -1
90	90	ARIES.—Section 1361(b)(3)(B) of the Internal Rev-2
91	91	enue Code of 1986 is amended by adding at the end 3
92	92	the following flush sentence: 4
93	93	‘‘Rules similar to the rules of section 1362(b) 5
94	94	shall apply with respect to any election under 6
95	95	clause (ii).’’. 7
96	96	(2) Q
97	97	UALIFIED SUBCHAPTER S TRUSTS .—Sec-8
98	98	tion 1361(d)(2) of such Code is amended by striking 9
99	99	subparagraph (D). 10
100	100	(c) R
101	101	EVOCATIONS.—Section 1362(d)(1) of the Inter-11
102	102	nal Revenue Code of 1986 is amended— 12
103	103	(1) by striking ‘‘subparagraph (D)’’ in subpara-13
104	104	graph (C) and inserting ‘‘subparagraphs (D) and 14
105	105	(E)’’, and 15
106	106	(2) by adding at the end the following new sub-16
107	107	paragraph: 17
108	108	‘‘(E) A
109	109	UTHORITY TO TREAT LATE REVOCA -18
110	110	TIONS AS TIMELY.—If— 19
111	111	‘‘(i) a revocation under subparagraph 20
112	112	(A) is made for any taxable year after the 21
113	113	date prescribed by this paragraph for mak-22
114	114	ing such revocation for such taxable year 23
115	115	or no such revocation is made for any tax-24
116	116	able year, and 25
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119	119	•S 684 IS
120	120	‘‘(ii) the Secretary determines that 1
121	121	there was reasonable cause for the failure 2
122	122	to timely make such revocation, 3
123	123	the Secretary may treat such a revocation as 4
124	124	timely made for such taxable year.’’. 5
125	125	(d) E
126	126	FFECTIVEDATE.— 6
127	127	(1) I
128	128	N GENERAL.—Except as otherwise pro-7
129	129	vided in this subsection, the amendments made by 8
130	130	this section shall apply to elections for taxable years 9
131	131	beginning after the last day of the calendar year 10
132	132	which includes the date of the enactment of this Act. 11
133	133	(2) R
134	134	EVOCATIONS.—The amendments made by 12
135	135	subsection (c) shall apply to revocations made after 13
136	136	the date of the enactment of this Act. 14
137	137	SEC. 3. QUARTERLY INSTALLMENTS FOR ESTIMATED IN-15
138	138	COME TAX PAYMENTS BY INDIVIDUALS. 16
139	139	(a) I
140	140	NGENERAL.—The table contained in section 17
141	141	6654(c)(2) of the Internal Revenue Code of 1986 is 18
142	142	amended— 19
143	143	(1) by striking ‘‘June 15’’ and inserting ‘‘July 20
144	144	15’’, and 21
145	145	(2) by striking ‘‘September 15’’ and inserting 22
146	146	‘‘October 15’’. 23
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149	149	•S 684 IS
150	150	(b) EFFECTIVEDATE.—The amendments made by 1
151	151	this section shall apply to installments due in taxable years 2
152	152	beginning after the date of the enactment of this Act. 3
153	153	SEC. 4. EXTENSION OF MAILBOX RULE TO ELECTRONIC 4
154	154	SUBMISSIONS AND PAYMENTS. 5
155	155	(a) I
156	156	NGENERAL.—Section 7502(c) of the Internal 6
157	157	Revenue Code of 1986 is amended— 7
158	158	(1) in the heading, by inserting ‘‘
159	159	ANDPAY-8
160	160	MENT’’ after ‘‘FILING’’, 9
161	161	(2) in paragraph (2)— 10
162	162	(A) in the heading, by striking ‘‘;
163	163	ELEC-11
164	164	TRONIC FILING’’, and 12
165	165	(B) by striking ‘‘and electronic filing’’, and 13
166	166	(3) by adding at the end the following: 14
167	167	‘‘(3) E
168	168	LECTRONIC FILING AND PAYMENT .— 15
169	169	‘‘(A) I
170	170	N GENERAL.—In the case of any 16
171	171	document which the Secretary has permitted to 17
172	172	be filed by electronic means (or, in the case of 18
173	173	any payment, which the Secretary has per-19
174	174	mitted to be made by electronic means), if such 20
175	175	document or payment is— 21
176	176	‘‘(i) transmitted by the permitted elec-22
177	177	tronic means to the agency, officer, or of-23
178	178	fice to which the document was required to 24
179	179	be filed (or payment was required to be 25
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182	182	•S 684 IS
183	183	made) on or before the prescribed date (or 1
184	184	within the period required) with respect to 2
185	185	such document or payment, and 3
186	186	‘‘(ii) received (or, in the case of a pay-4
187	187	ment, received and accounted for) after the 5
188	188	prescribed date or period required with re-6
189	189	spect to such document or payment, 7
190	190	the date that such document or payment was 8
191	191	transmitted (as described in clause (i)) shall be 9
192	192	deemed to be the date that such document was 10
193	193	filed or such payment was made. 11
194	194	‘‘(B) R
195	195	EGULATIONS.—Not later than the 12
196	196	date which is 1 year after the date of enact-13
197	197	ment of the Tax Administration Simplification 14
198	198	Act, the Secretary shall issue such regulations 15
199	199	or other guidance as the Secretary determines 16
200	200	necessary to carry out the purposes of this 17
201	201	paragraph.’’. 18
202	202	(b) E
203	203	FFECTIVEDATE.—The amendments made by 19
204	204	subsection (a) shall apply to any document or payment 20
205	205	sent on or after the date which is 1 year after the date 21
206	206	of enactment of this Act. 22
207	207	Æ
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