Daily Tax Update - March 12, 2010

PELOSI WANTS HEALTH CARE VOTE NEXT WEEK: Today, House Speaker Nancy Pelosi said she hopes to pass health care reform next week and that the bill would not contain a public option provision. Pelosi said that the House would then make changes to the Senate-passed bill by passing a reconciliation bill that would hopefully be completed before the President leaves town for an overseas trip on March 21. On the issue of the public option provision not being in the bill, Pelosi said, “It's not in reconciliation ... We're talking about something that's not going to be part of the legislation."

  • House leaders hope to bring both the Senate bill and the reconciliation package on the floor late next week. House Majority Leader Steny Hoyer said, “That's my hope.”

IRS SEEKS NEW ISSUES FOR INDUSTRY ISSUE RESOLUTION PROGRAM: Today, the IRS announced that it is encouraging interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers. The IRS said that although submissions can be made at anytime for consideration in the IIR program, submitted issues received by March 31, 2010, will be considered for acceptance in April and, if accepted into the IIR program, included on the Treasury/IRS Priority Guidance List.

TAX BILL INTRODUCED MARCH 11TH:

H.R.4826: To promote neighborhood stabilization by incentivizing short sales, as a preferable alternative to foreclosure, through the Internal Revenue Code of 1986.
Sponsor: Rep Foster, Bill [IL-14] (introduced 3/11/2010) 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.