Daily Tax Update - March 09, 2006

MORE LARGE CORPORATIONS FILING TAX RETURNS ELECTRONICALLY:
The IRS announced that more than 450 of the nation’s largest corporations have electronically filed taxes in advance of the March 15 filing date. Large corporate taxpayers, those with $50 million or more in assets and file at least 250 returns, are required to e-file this year. The IRS said that it expects more than 10,000 large corporations to e-file by the extended filing date of September 15, 2006.

  • Deborah Nolan, Commissioner of the IRS Large and Mid-Size Business Division said, "We are pleased that large corporations have started making the transition from filing paper to electronic tax returns. We have worked closely with stakeholder groups representing corporations, tax professionals and the e-file software industry to develop e-file systems and processes that meet their needs."
  • Additional information can be accessed here.   

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