The bill S. 5316, known as the "Tax Administration Simplification Act," proposes changes to the Internal Revenue Code to make it easier for small businesses to elect to be S corporations. It extends the time allowed for making these elections to align with the due date for...
Simple Explanation
The bill wants to make it easier for small businesses to choose a special tax status called "S corporation," by giving them more time to decide and file. It also makes sure that when people send their tax forms online, it's okay if they send them right at the deadline.