Daily Tax Update - April 22, 2008

TREASURY, IRS RELEASE UPDATE OF 2007-2008 PRIORITY GUIDANCE PLAN: Today, the Treasury Department and the IRS issued an update of the 2007-2008 Priority Guidance Plan. The guidance plan was released in August 2007, but the update sets forth the guidance on the original plan that has been published.

  • A statement by Treasury and the IRS said, “Although the update may indicate that a particular item on the plan has been completed, it is possible that one or more additional projects may be completed in the plan year relating to that item.”
  • The document can be accessed via: http://www.irs.gov/pub/irs-utl/2007-2008pgp.pdf

“WHERE’S MY REFUND?”:  Today, the IRS reminded taxpayers that they can check the status of their tax refunds using the IRS’ website. Taxpayers can check on the status of their refund seven days after e-filing a return. For a paper return, the IRS recommends that you check the website four to six weeks after mailing the return.

  • To utilize the IRS refund page, you will need to enter your:
    • Social Security Number (or IRS Individual Taxpayer Identification Number)
    • Filing status (Single, Married Filing Joint Return, Married Filing Separate Return, Head of Household, or Qualifying Widow(er))
    • Exact refund amount shown on your return.
  • Additional information can be accessed via:  http://www.irs.gov/individuals/article/0,,id=96596,00.html

TAX BILL INTRODUCED APRIL 21ST:
S.2896:  A bill to amend the Internal Revenue Code of 1986 to provide for a temporary reduction in the tax imposed on diesel fuel.
Sponsor: Sen Snowe, Olympia J. [ME] (introduced 4/21/2008)      Cosponsors (None) 

STEPTOE & JOHNSON LLP’S RECENT TAX ARTICLES & PUBLICATIONS AVAILABLE:  A list of our recent tax publications and articles is available via:  http://www.steptoe.com/publications-area-4.html

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.