,,ii #aaith ,,congress #ast ,session ,s4 #fhd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bd1 #bjbe,mrs4 ,blackburn 7for herself and ,ms4 ,cortez ,masto7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to extend the period of time for making ,s corporation elections1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,tax ,administration ,simplification ,act4 #b4 ,extension of time for making ,s corporation elections 7a7 ,in general 7#a7 ,when election made ,section #acfb7;b77#a7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7#a7 ,in general ,an election under subsection 7a7 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 7including extensions74 4 7#b7 ,conforming amendments 7,a7 ,section #acfb7;b77#b7 of such ,code is amended-- 7i7 by striking during such year and on or before the #aeth day of the #c;d month of such year in subparagraph 7,a7 and inserting within the period described in paragraph 7#a71 and 7ii7 by striking made during the first #b months in the heading thereof4 7,b7 ,section #acfb7;b7 of such ,code is amended by striking paragraphs 7#c7 and 7#d7 and by redesignating paragraph 7#e7 as paragraph 7#c74 7,c7 ,section #acfb7;b77#c7 of such ,code1 as redesignated by subparagraph 7,b71 is amended-- 7i7 by striking 7determined without regard to paragraph 7#c77 in subparagraph 7,a71 and 7ii7 by striking 7and paragraph 7#c7 shall not apply74 7,d7 ,section #acfb7;b7 of such ,code1 as amended by the preceding provisions of this subsection1 is amended by adding at the end the following new paragraphs3 7#d7 ,election on timely filed returns ,except as otherwise provided by the ,secretary1 an election under subsection 7a7 for any taxable year may be made on a timely filed return of the ,s corporation for such taxable year4 7#e7 ,secretarial authority ,the ,secretary may prescribe such regulations1 rules1 or other guidance necessary to implement this subsection1 including forms or other guidance for making the election in the manner described by this subsection4 4 7b7 ,coordination with certain other provisions 7#a7 ,qualified subchapter ,s subsidiaries ,section #acfa7;b77#c77;,b7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following flush sentence3 ,rules similar to the rules of section #acfb7;b7 shall apply with respect to any election under clause 7ii74 4 7#b7 ,qualified subchapter ,s trusts ,section #acfa7;d77#b7 of such ,code is amended by striking subparagraph 7,d74 7c7 ,revocations ,section #acfb7;d77#a7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking subparagraph 7,d7 in subparagraph 7,c7 and inserting subparagraphs 7,d7 and 7,e71 and 7#b7 by adding at the end the following new subparagraph3 7,e7 ,authority to treat late revocations as timely ,if-- 7i7 a revocation under subparagraph 7,a7 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 year1 and 7ii7 the ,secretary determines that there was reasonable cause for the failure to timely make such revocation1 the ,secretary may treat such a revocation as timely made for such taxable year4 4 7d7 ,effective date 7#a7 ,in general ,except as otherwise provided in this subsection1 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 ,act4 7#b7 ,revocations ,the amendments made by subsection 7c7 shall apply to revocations made after the date of the enactment of this ,act4 #c4 ,quarterly installments for estimated income tax payments by individuals 7a7 ,in general ,the table contained in section #ffed7;c77#b7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking ,june #ae and inserting ,july #ae1 and 7#b7 by striking ,september #ae and inserting ,october #ae4 7b7 ,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 ,act4 #d4 ,extension of mailbox rule to electronic submissions and payments 7a7 ,in general ,section #gejb7;c7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in the heading1 by inserting and payment after filing1 7#b7 in paragraph 7#b7-- 7,a7 in the heading1 by striking 2 electronic filing1 and 7,b7 by striking and electronic filing1 and 7#c7 by adding at the end the following3 7#c7 ,electronic filing and payment 7,a7 ,in general ,in the case of any document which the ,secretary has permitted to be filed by electronic means 7or1 in the case of any payment1 which the ,secretary has permitted to be made by electronic means71 if such document or payment is-- 7i7 transmitted by the permitted electronic means to the agency1 officer1 or office to which the document was required to be filed 7or payment was required to be made7 on or before the prescribed date 7or within the period required7 with respect to such document or payment1 and 7ii7 received 7or1 in the case of a payment1 received and accounted for7 after the prescribed date or period required with respect to such document or payment1 the date that such document or payment was transmitted 7as described in clause 7i77 shall be deemed to be the date that such document was filed or such payment was made4 7,b7 ,regulations ,not later than the date which is #a year after the date of enactment of the ,tax ,administration ,simplification ,act1 the ,secretary shall issue such regulations or other guidance as the ,secretary determines necessary to carry out the purposes of this paragraph4 4 7b7 ,effective date ,the amendments made by subsection 7a7 shall apply to any document or payment sent on or after the date which is #a year after the date of enactment of this ,act4