Daily Tax Update - July 10, 2008

IRS WARNS TAXPAYERS AGAINST NEW EMAIL SCAMS:  Today, the IRS cautioned taxpayers to be on the lookout for new scams using the IRS name in identity theft e-mails, or phishing, that have circulated during the last two months. The IRS reported that in May and June taxpayers reported almost 700 separate phishing incidents. The most common scams involve tax refunds and, this year, economic stimulus payments.

IRS Commissioner Doug Shulman said, “Taxpayers should take steps to keep their personal information out of the hands of identity thieves. That includes not falling for any of the phony e-mails or faxes now in circulation pretending to come from the IRS.”

H.R.6447: To amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance.
Sponsor: Rep Boyda, Nancy E. [KS-2] (introduced 7/9/2008)      Cosponsors (1)

H.R.6448: To amend the Internal Revenue Code of 1986 to provide a refundable credit for taxpayers with long-term care needs.
Sponsor: Rep Carney, Christopher P. [PA-10] (introduced 7/9/2008)      Cosponsors (1)

S.3234: A bill to amend the Internal Revenue Code of 1986 to provide a temporary income tax credit for commercial fisherman to offset high fuel costs.
Sponsor: Sen Murkowski, Lisa [AK] (introduced 7/9/2008)      Cosponsors (1)

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 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.