Daily Tax Update - March 2, 2007

HOME COMPUTER E-FILING GROWS: Today, the IRS announced (IR-2007-49) that the number of taxpayers electronically filing their tax returns using their home computers has increased at a record pace, up almost 7 percent from last year.

  • So far this tax filing season, 78 percent of all returns have been e-filed, up from 76 percent last year. And 32 million refunds, or 82 percent of all refunds issued this tax filing season, have been directly deposited, up from 80 percent last year. Three in ten tax returns are not requesting the one-time telephone tax refund, the IRS said. Of those requesting the telephone tax refund, 99 percent are choosing the standard amount.
  • IRS Commissioner Mark Everson said, "People using home computers are helping e-file grow this year. Taxpayers can rely on e-file as a safe, accurate way to quickly finish their taxes and get a refund. For those who haven’t filed, they should make sure to request the telephone excise refund tax if they are eligible.

TAX BILLS INTRODUCED MARCH 1st CAN BE ACCESSED VIA:
http://www.steptoe.com/assets/attachments/2889.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.