Related Practices
Daily Tax Update - September 8, 2008
CONGRESS RETURNS TODAY: Congress is back in session after its summer recess with several pending tax issues awaiting completion, including the extenders and action on a one-year alternative minimum patch. Although September 26 is the target adjournment date, that timetable may slip into October or there may be a lame-duck session after the election.
- Passage of a continuing resolution will be a priority for Congress. The new fiscal year begins October 1 and none of the fiscal year 2009 appropriations bills have been enacted. Therefore, Congress must pass a continuing resolution to fund government programs. The length of the continuing resolution is uncertain at this time.
- Last week, House Speaker Nancy Pelosi spoke out in support of another stimulus package. Pelosi said, “With the unemployment rate at a five-year high, it is clear that we must take immediate action to strengthen our economy. The New Direction Congress will soon act on a second economic stimulus package and a comprehensive energy plan that will create new American jobs, invest in renewables, increase domestic production, make America more energy independent, and break free of the failed Bush economic policies that John McCain and Republicans in Congress have rubber-stamped for far too long.”
- However, the administration has said that it opposes another stimulus package. A White House spokesperson said, “The economic stimulus plan that we put in place is having the strong impact that we wanted it to have. One of the keys of that stimulus package was that it be stimulative, and we don't think that we need to consider a second stimulus right now.”
MISCELLANEOUS GUIDANCE ISSUED TODAY:
- Application of Section 382 in the Case of Certain Acquisitions Made Pursuant to the Housing and Economic Recovery Act of 2008: Notice 2008-76 announces that the IRS and the Treasury Department will issue regulations under section 382(m) of the Internal Revenue Code to address the application of section 382 to certain acquisitions made pursuant to the Housing and Economic Recovery Act of 2008.
- IRS Issues Final, Temporary, Proposed Form 990 Regulations: The IRS and the Treasury Department issued new regulations that will “streamline the approval process for organizations seeking tax-exempt status as publicly supported charities.”
- Public Approval Guidance for Tax-Exempt Bonds via: http://federalregister.gov/OFRUpload/OFRData/2008-20771_PI.pdf
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.
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