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Tax Simplification: Extended S-Corp Deadlines, Electronic Filing Rule, and Estimated Tax Dates

This Act simplifies tax administration by granting small businesses (S corporations) more time to elect their special tax status, extending the deadline until the tax return due date. It also modernizes tax filing by applying the 'mailbox rule' to electronic submissions and payments, meaning the transmission date is considered the filing date, offering greater security against system delays. Additionally, the due dates for quarterly estimated income tax payments for individuals are shifted to July and October.
Key points
Extended deadline for small businesses (S corporations) to elect S-corp status: the new deadline is the due date for filing the S corporation's tax return (including extensions).
Extension of the 'mailbox rule' to electronic submissions and payments: the date a document or payment is electronically transmitted is deemed the date it was filed or paid, improving timely compliance.
Changes to quarterly estimated income tax payment deadlines for individuals: the June 15th and September 15th deadlines are moved to July 15th and October 15th, respectively.
The IRS gains authority to treat late S corporation status revocations as timely if the taxpayer demonstrates reasonable cause for the delay.
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Additional Information
Print number: 118_S_5316
Sponsor: Sen. Blackburn, Marsha [R-TN]
Process start date: 2024-11-14
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Administration Simplification Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5316.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-11-14.

What are the main provisions?

Key points include:

  • Extended deadline for small businesses (S corporations) to elect S-corp status: the new deadline is the due date for filing the S corporation's tax return (including extensions).
  • Extension of the 'mailbox rule' to electronic submissions and payments: the date a document or payment is electronically transmitted is deemed the date it was filed or paid, improving timely compliance.
  • Changes to quarterly estimated income tax payment deadlines for individuals: the June 15th and September 15th deadlines are moved to July 15th and October 15th, respectively.
  • The IRS gains authority to treat late S corporation status revocations as timely if the taxpayer demonstrates reasonable cause for the delay.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Blackburn, Marsha [R-TN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy