Daily Tax Update - June 27, 2008

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON JULY 8TH

ELECTRONIC ADVISORY COMMITTEE DELIVERS REPORT TO CONGRESS:  Today, the Electronic Tax Administration Advisory Committee (ETAAC) released its Annual Report to Congress. The report includes 21 recommendations on a wide range of issues that pertain to individual filers and business, such as modernized e-File and web services. The ETAAC provides feedback on the development and implementation of the IRS' electronic tax administration strategy.

  • David Williams, director of Electronic Tax Administration said, “ETAAC plays a significant role in IRS efforts to improve the taxpayer’s experience via e-File and the Internet. ETAAC feedback helps the IRS shift more returns from paper to e-File, which is a top priority.”

TAX BILLS INTRODUCED JUNE 26th:
H.R.6390: To amend the Internal Revenue Code of 1986 to provide a credit against tax for certain caregivers, to expand the dependent care credit, and to increase the exclusion limitation for dependent care assistance programs.
Sponsor: Rep Brown, Corrine [FL-3] (introduced 6/26/2008)      Cosponsors (None)

H.R.6407: To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.
Sponsor: Rep Lewis, John [GA-5] (introduced 6/26/2008)      Cosponsors (14)

H.R.6409: To amend the Internal Revenue Code of 1986 to extend the credit for electricity produced from certain renewable resources.
Sponsor: Rep McCollum, Betty [MN-4] (introduced 6/26/2008)      Cosponsors (4)

H.R.6410: To provide for the elimination of agencies and programs which receive ineffective ratings or three consecutive adequate ratings under the Government Performance and Results Act of 1993 and to amend the Internal Revenue Code of 1986 to rebate the savings from such eliminations to the taxpayers.
Sponsor: Rep McCotter, Thaddeus G. [MI-11] (introduced 6/26/2008)      Cosponsors (None)

 H.R.6419: To amend the Internal Revenue Code of 1986 to exclude from gross income compensation received by employees consisting of qualified distributions of employer stock.
Sponsor: Rep Rohrabacher, Dana [CA-46] (introduced 6/26/2008)      Cosponsors (3)

H.R.6422: To amend the Internal Revenue Code of 1986 to allow small businesses a refundable income tax credit to offset the cost of providing health care coverage for employees.
Sponsor: Rep Space, Zachary T. [OH-18] (introduced 6/26/2008)      Cosponsors (None)

S.3208: A bill to amend the Internal Revenue Code of 1986 to provide tax incentives for clean coal technology, and for other purposes.
Sponsor: Sen Conrad, Kent [ND] (introduced 6/26/2008)      Cosponsors (1) 

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.