Daily Tax Update - April 7, 2008

IRS DESCRIBES TAX PAYMENT OPTIONS:  Today, the IRS reminded taxpayers who owe taxes but are unable to pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline. The IRS said that taxpayers should file their return on time, pay as much as they can with their return, and use IRS.gov if they need to request a payment agreement. The IRS added, “Interest and penalties add up for people who don’t file and pay on time. But Taxpayers can limit these charges by filing on time and paying sooner.”

BAUCUS EXPECTED TO OFFER EXTENDERS PACKAGE SOON:  Senate Finance Committee Chairman Max Baucus (D-MT) is expected to introduce a package of tax extenders this week that covers research and development, tuition, state and local assistance, and renewable energy incentives. A Senate Finance Committee aide said that Baucus “will introduce a bipartisan, offset extenders package—including energy extenders—soon.”

TAX BILL INTRODUCED APRIL 4th:
H.R. 5713:  To amend the Internal Revenue Code of 1986 to clarify the eligibility for certain fuels credits for fuel with insufficient nexus to the United States.
Sponsor: Rep Shadegg, John B. [AZ-3] (introduced 4/4/2008)      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.