Daily Tax Update - March 1, 2007

IRS SEEKS SUBMISSIONS FOR INDUSTRY ISSUE RESOLUTION PROGRAM: Today, the IRS encouraged businesses and associations to refer tax issues for the Industry Issue Resolution Program (IIR) and consideration for the 2007-2008 Treasury and IRS guidance priority list. The objective of the IIR program is to resolve business tax issues common to significant numbers of taxpayers through new and improved guidance. Submissions must be received by March 31, 2007.

WAYS AND MEANS SUBCOMMITTEE SCHEDULES HEARING ON AMT: On March 7, the House Ways and Means Select Revenue Measures Subcommittee will hold a hearing on the Alternative Minimum Tax (AMT). The Subcommittee will examine the growing scope of the AMT and its interaction with individual-based tax provisions, including the tax cuts enacted since 2001.

  • In announcing the hearing, Subcommittee Chairman Richard Neal (D-MA) said, "The AMT was originally enacted to ensure that a small group of high-income individuals who managed to avoid paying any income tax would pay at least a minimum amount of tax.  The role of the AMT today has changed significantly.  The AMT has become a stealth tax on far too many working families.  We are committed to fully understanding the scope of this problem so that we can find a solution and prevent millions of working families from a massive and unexpected tax increase."


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.

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