Daily Tax Update - March 28, 2008

IRS OFFERS TIPS FOR TAX FILERS ON ECONOMIC STIMULUS PAYMENTS:  The IRS urged taxpayers eligible for the economic stimulus payment to file their tax return now in order to get their payment in a timely manner. This IRS reminder applies to taxpayers yet to file their 2007 income tax returns as well as retirees, disabled veterans, low-wage workers and others who normally are not required to file a return but who must do so this year to receive an economic stimulus payment. Starting in May, the IRS will begin sending economic stimulus payments of up to $600 ($1,200 for married couples) to people who earn less than $75,000 ($150,000 for married couples). There is also is an additional payment of $300 for each eligible child younger than 17.

• IRS Commissioner Doug Shulman said, “The quickest way to receive your refund and your economic stimulus payment is to file early, file electronically and use direct deposit.”
• The IRS also announced that tomorrow, Saturday, March 29 is “Super Saturday.” The IRS will open hundreds of locations tomorrow in an effort to reach those Americans who are eligible for the economic stimulus payment but who normally are not required to file an income tax return. Approximately 320 IRS offices will be open on Super Saturday to prepare the simple Form 1040A for people who are filing a return solely to receive their stimulus payment. IRS partners such as AARP, United Way of America and dozens of others also are making special efforts on Super Saturday to reach out to those who normally are not required to file a tax return.
• Additional information can be accessed via: http://www.irs.gov/newsroom/article/0,,id=180648,00.html

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country. The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court. The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving. Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.