Bill · S. 684· Senate(119-S-684)
Tax Administration Simplification Act
- Introduced
- 2/24/2025
- Last activity
- 2/24/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Marsha Blackburn
- Cosponsors
- - 0 - 2
- Introduced
- In Committee
What this bill would do
The Tax Administration Simplification Act proposes several changes to the Internal Revenue Code of 1986. It seeks to extend the time period allowed for small business corporations to make S corporation elections. The bill also adjusts the due dates for certain quarterly installment estimated income tax payments for individuals. Additionally, it extends the "mailbox rule" to include electronic submissions and payments. These changes aim to modify how taxes are filed, paid, and elected.
Yes· 3 of 6
Does this make it easier to run a small business?+4
The extension of the S corporation election window and the authority for late revocations provides greater administrative flexibility for small businesses.
Would business owners be better off under this?+4
Small business owners gain more flexibility in choosing their tax status through extended election windows.
Does this cut taxes for small businesses?+3
The bill provides small business corporations more flexibility by extending the deadline to elect S corporation status.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Extended Election Window for S Corporations: Small business corporations can now make an election for any taxable year up to the due date of their return, including extensions (Section 2(a)(1)). This provides more flexibility for businesses regarding when they elect their status.
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Flexibility for Late Revocations: The Secretary is granted authority to treat certain late revocations as timely if there was reasonable cause for the failure to make the revocation on time (Section 2(c)).
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Delayed Quarterly Tax Installments: For certain quarterly installments, the due dates are moved from June 15 to July 15 and from September 15 to October 15 (Section 3(a)). This delays the required payment dates for individuals.
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Protection for Electronic Filings and Payments: The "mailbox rule" is extended to electronic means, meaning a document or payment is considered made on the date it is transmitted, even if it is received by the agency after the prescribed date (Section 4(a)).
Potential Negative Impacts for People
- No negative impacts explicitly stated in the text provided.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+4Reduces Small Business Taxes+3Improves Fiscal Responsibility+1
- Demographic And Interest Groups
- Good For Business Owners+4Good For Middle Class Households+2
- Governance And Ideology
- Improves Government Transparency+2
- 12/16/2025
- 1 Cosponsor added.
- 2/24/2025
- Read twice and referred to the Committee on Finance.
- 1 Cosponsor added.
- Introduced in Senate
Catherine Cortez MastoDemocrat · Nevada
Raphael WarnockDemocrat · Georgia