Daily Tax Update - IRS Announces Economics Stimulus Payments Information

April 1, 2008

IRS ANNOUNCES ECONOMIC STIMULUS PAYMENTS INFORMATION: The IRS has updated its website to provide basic information on economic stimulus payments and a calculator which provides an estimate of the stimulus payment you may be due. Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income, and file a 2007 federal tax return. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17.  To accommodate taxpayers who file tax returns by October 15, 2008, the Treasury will continue sending payments until December 31, 2008.  The IRS reminds taxpayers that are unable to meet the April 15 filing deadline to file for an automatic extension of time to file

Additional information can be accessed here.

TAX BILLS INTRODUCED MARCH 31ST:

  • H.R. 5659: To amend the Internal Revenue Code of 1986 to allow a credit against income tax for recycling or remanufacturing equipment.
    Sponsor: Rep English, Phil [PA-3] (introduced 3/31/2008)      Cosponsors (5)
  • H.R. 5660: To amend the Internal Revenue Code of 1986 to allow a nonrefundable credit for mentoring and housing young adults.
    Sponsor: Rep Meek, Kendrick B. [FL-17] (introduced 3/31/2008)      Cosponsors (None)
  • H.R. 5666: To amend the Internal Revenue Code of 1986 to increase the earned income tax credit to taxpayers who exceed 40 hours of wage work per week.
    Sponsor: Rep Velazquez, Nydia M. [NY-12] (introduced 3/31/2008)      Cosponsors (None)

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.