Daily Tax Update - July 13, 2007

IRS ANNOUNCES ELECTRONIC FILING FOR EXCISE TAX FORMS:  The IRS announced that it will add three excise tax forms this year to the list of forms that can be filed electronically.  The IRS expects to receive the first electronically-filed excise tax return this summer, when Form 2290, Heavy Highway Vehicle Use Tax Return, becomes the first available excise tax return that can be e-filed.   Form 720, Quarterly Federal Excise Tax Return, and Form 8849, Claim for Refund of Excise Taxes, will be available to e-file later this year.

  • IRS Acting Commissioner Kevin Brown said, “Electronic filing is a key component to modernizing our tax system.  Expanding e-file opportunities to include excise tax returns will help improve service to taxpayers using these forms.”
  • Additional information can be accessed via:  http://www.irs.gov/efile/article/0,,id=170570,00.html 

TAX BILLS INTRODUCED JULY 12TH:
H.R. 3016: To amend the Internal Revenue Code of 1986 to expand the tip tax credit to employers of cosmetologists and to promote tax compliance in the cosmetology sector.
Sponsor: Rep. Berkley, Shelley [NV-1] (introduced 7/12/2007)      Cosponsors (16)

H.R. 3039: To amend the Internal Revenue Code of 1986 to increase the time that taxpayers may use to make a tax-free exchange of like kind property.
Sponsor: Rep. Smith, Adrian [NE-3] (introduced 7/12/2007)      Cosponsors (17)

S. 1773: A bill to amend the Internal Revenue Code of 1986 to regulate payroll tax deposit agents.
Sponsor: Sen. Snowe, Olympia J. [ME] (introduced 7/12/2007)      Cosponsors (None)

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.