Amends the Internal Revenue Code of 1986 to extend the deadline for making S corporation elections to the due date for filing the return, including extensions.
Allows S corporations to make elections on timely filed returns for the taxable year.
Grants the Secretary of the Treasury authority to issue regulations for implementing the new election rules.
Updates provisions related to qualified subchapter S subsidiaries and trusts to align with the new election rules.
Introduces the ability for late revocations of S corporation elections to be treated as timely if there is reasonable cause for the delay.
Changes the due dates for quarterly estimated income tax payments for individuals from June 15 to July 15 and from September 15 to October 15.
Extends the mailbox rule to include electronic submissions and payments, allowing documents or payments transmitted electronically by the due date to be considered filed or made on time, even if received late.
Requires the Secretary to issue regulations regarding electronic filing and payment within one year of the enactment of the legislation.