The H.R. 8619 bill aims to reform how S corporations are taxed and operates under the Internal Revenue Code of 1986. It includes provisions for handling gains when a shareholder dies, allows nonresident aliens and IRAs to be shareholders, and increases the amount of passive...
Simple Explanation
The H.R. 8619 bill is about changing some rules for a special type of company called an S corporation, so they can do things like have more types of people as owners and make more money in different ways without getting extra penalties. It's like updating the rules for a game to make it fairer and more fun for everyone playing.