S 5316
Tax Administration Simplification Act
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Bill overview
The Tax Administration Simplification Act primarily modifies rules related to S corporations and tax payments. It extends the timeframe for S corporations to make elections for their tax year, allowing them more flexibility. It also clarifies rules regarding qualified subchapter S subsidiaries and trusts, and provides the Secretary with authority to treat late revocations of S corporation status as timely. Furthermore, the bill adjusts the schedule for estimated income tax payments and expands the mailbox rule to include electronic submissions and payments.
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