To amend the Internal Revenue Code of 1986 to allow the subchapter S election to be made on a return filed before the due date with extensions, to reduce the payroll deposit penalties for failures to make deposits in the prescribed manner, and to allow a married couple who operates a unincorporated business as co-owners to file separate self-employment tax returns.
Taking Care of Small Business Tax Simplification Act of 2005 - Amends the Internal Revenue Code to: (1) extend the deadline for filing a subchapter S election; (2) authorize the Secretary of the Treasury to abate penalties for payroll taxes timely paid but not deposited in the prescribed manner; and (3) permit married couples who operate certain joint ventures to file separate tax returns.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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