Daily Tax Update - March 13, 2009

PELOSI SAYS ANOTHER STIMULUS BILL “NOT IN THE CARDS” RIGHT NOW:  Despite a suggestion earlier this week that there might be another stimulus package in the works soon, House Speaker Nancy Pelosi said yesterday that a second economic stimulus package is not “in the cards” in the near future. Pelosi said that she "really would like to see this stimulus package play out" before initiating another one. Pelosi added, “I don't think you ever close the door to being prepared for whatever eventuality may come” and added that another stimulus package is “just not right now something that's in the cards.”

IRS RELEASES 2008 DATA BOOK:  Today, the IRS released the 2008 IRS Data Book, which is an annual review of IRS activities for a given fiscal year. The report describes activities conducted by the IRS from Oct. 1, 2007, to Sept. 30, 2008, and includes information about returns filed, tax collections, enforcement and taxpayer assistance, as well as the IRS budget and workforce.

  • The document can be accessed here.

TAX BILLS INTRODUCED MARCH 10th:
H.R.1470: To amend the Internal Revenue Code of 1986 to provide that the deduction for the health insurance costs of self-employed individuals be allowed in determining self-employment tax.
Sponsor: Rep Kind, Ron [WI-3] (introduced 3/12/2009)      Cosponsors (3)

H.R.1477: To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for long-term capital gain on property acquired or disposed of during 2009 or 2010.
Sponsor: Rep Griffith, Parker [AL-5] (introduced 3/12/2009)      Cosponsors (None)

H.R.1482: To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to appropriate the proceeds for the Low-Income Home Energy Assistance Program.
Sponsor: Rep Kanjorski, Paul E. [PA-11] (introduced 3/12/2009)      Cosponsors (None)

H.R.1495: To amend the Internal Revenue Code of 1986 to make health care coverage more accessible and affordable.
Sponsor: Rep Paul, Ron [TX-14] (introduced 3/12/2009)      Cosponsors (None)

H.R.1496: To amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax for medical expenses for dependents.
Sponsor: Rep Paul, Ron [TX-14] (introduced 3/12/2009)      Cosponsors (None)

H.R.1497: To amend the Internal Revenue Code of 1986 to allow medical care providers a credit against income tax for uncompensated emergency medical care and to allow hospitals a deduction for such care.
Sponsor: Rep Paul, Ron [TX-14] (introduced 3/12/2009)      Cosponsors (None)

H.R.1498: To amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax for the cost of insurance against negative outcomes from surgery, including against malpractice of a physician.
Sponsor: Rep Paul, Ron [TX-14] (introduced 3/12/2009)      Cosponsors (None)

H.R.1500: To amend the Internal Revenue Code of 1986 to increase and make refundable the dependent care credit.
Sponsor: Rep Peters, Gary C. [MI-9] (introduced 3/12/2009)      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.