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

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.