Daily Tax Update - December 20, 2010: Senate Expected to Pass Continuing Resolution Tomorrow

SENATE EXPECTED TO PASS CONTINUING RESOLUTION TOMORROW – ADJOURNMENT POSSIBLE TOMORROW NIGHT: The Senate is expected to pass a continuing resolution to fund the government through March 4 tomorrow. Congress has finished its tax legislative issues for this year. The House returns tomorrow to consider the continuing resolution and a bill to reauthorize science, education and technology programs, and is then expected to adjourn for the year. Once Congress adjourns, the new members of the 112th Congress will be sworn into office on January 5.

IRS RELEASES STATISTICS OF INCOME BULLETIN: The IRS released the fall 2010 issue of the Statistics of Income Bulletin, which features data on 142.5 million individual income tax returns filed for tax year 2008 with adjusted gross income (AGI) totaling $8.3 trillion. The Statistics of Income (SOI) Division of the IRS produces the SOI Bulletin on a quarterly basis. Articles included in the publication focus on key segments of the most recent data available from various tax and information returns filed by US taxpayers.

  • The document can be accessed here

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