Daily Tax Update - May 13, 2010

HOYER: HOUSE TO TAKE UP EXTENDERS NEXT WEEK: Today, House Majority Leader Steny Hoyer said that the House would consider the extenders bill next week. The text of the once-again retitled bill (American Jobs, Closing Tax Loopholes, and Preventing Outsourcing Act) has not been released. Ways and Means Chairman Sander Levin said that the House and Senate would “ping” the bill back and forth, thus foregoing a formal conference.

EARLY REGISTRATION DISCOUNTS AVAILABLE FOR IRS NATIONWIDE TAX FORUMS: The IRS said that pre-registration discounts for their Nationwide Tax Forums are available for the six sessions across the country this summer. The IRS invited enrolled agents, certified public accountants, certified financial planners, and other tax professionals to make their reservations in advance to attend.

• According to the IRS, “The IRS Nationwide Tax Forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues presented by IRS experts and partner organizations. The forums offer an opportunity to receive up to 18 continuing education credits through a variety of training seminars and workshops.”
• Additional information can be accessed here.

TAX BILLS INTRODUCED MAY 12^TH:
H.R.5279: To amend the Internal Revenue Code of 1986 to provide for active qualified public safety employees to elect to be covered under the hospital insurance tax, and for other purposes.
Sponsor: Rep Green, Gene [TX-29] (introduced 5/12/2010)      Cosponsors (1)

H.R.5286: To amend the Internal Revenue Code of 1986 to allow a credit against tax for qualified tuition and related expenses.
Sponsor: Rep Boswell, Leonard L. [IA-3] (introduced 5/12/2010)      Cosponsors (None)

S.3349: A bill to amend the Internal Revenue Code of 1986 to extend the nonbusiness energy property credit to include insulated siding.
Sponsor: Sen Brown, Sherrod [OH] (introduced 5/12/2010)      Cosponsors (1)

S.3350: A bill to amend the Internal Revenue Code of 1986 to permanently modify the limitations on deduction of interest by financial institutions which hold tax-exempt bonds, and for other purposes.
Sponsor: Sen Bingaman, Jeff [NM] (introduced 5/12/2010)      Cosponsors (1)

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.

• Learn more about the members of the tax practice group.