Bill > HR1075

This bill introduces several changes to tax administration to simplify processes for taxpayers and the Internal Revenue Service (IRS). First, it modifies the "mailbox rule" to explicitly apply to electronic filings and payments, stipulating that the date a document or payment is electronically sent will be considered the date of delivery or payment, regardless of when the IRS actually receives it. The bill requires the IRS to issue regulations for this provision by December 31, 2025. Second, the bill expands flexibility for S corporations (small businesses that elect to pass corporate income, losses, deductions, and credits through to their shareholders) by allowing more lenient timing for making elections and providing the IRS Secretary authority to treat late elections or revocations as timely if there is reasonable cause for the delay. Finally, the bill adjusts the quarterly estimated income tax payment dates for individuals, shifting the June 15 payment to July 15 and the September 15 payment to October 15, which may provide some additional flexibility for taxpayers in managing their tax obligations. Most provisions in this bill would take effect for taxable years beginning after December 31, 2025, giving taxpayers and the IRS time to prepare for these administrative changes.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1075/all-info