Daily Tax Update - March 14, 2011: IRS Releases 2010 Data Book

IRS RELEASES 2010 DATA BOOK:  Today, the IRS released the 2010 IRS Data Book.  The report describes activities conducted by the IRS from October 1, 2009, to September 30, 2010, and includes information about returns filed, tax collections, enforcement and taxpayer assistance, as well as the IRS budget and workforce.

  • According to the report, "During fiscal year 2010, the IRS collected $2.3 trillion in revenue, and processed 230 million returns.  More than 116 million returns, including almost 70 percent of individual income tax returns, were filed electronically. More than 119 million individual income tax return filers received a tax refund, totaling $358 billion.  In fiscal year 2010, IRS spent an average of 53 cents to collect each $100 of tax revenue.  The IRS examined more than 1.5 million individual income tax returns and nearly 30,000 returns filed by corporations, excluding S corporations.  The IRS provided taxpayer assistance through 305 million visits to IRS.gov and assisted more than 78 million taxpayers through its telephone helpline or at walk-in sites."
  • The report can be accessed here

TAX BILLS INTRODUCED MARCH 11TH:
1.  [112nd] H.R.1031: To amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States.
Sponsor: Rep Tiberi, Patrick J. [OH-12] (introduced 3/11/2011)      Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112nd] H.R.1033: To amend the Internal Revenue Code of 1986 to allow a credit for unreimbursed funeral expenses with respect to a deceased indigent individual.
Sponsor: Rep Broun, Paul C. [GA-10] (introduced 3/11/2011)      Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3.  [112nd] H.R.1034: To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund.
Sponsor: Rep Camp, Dave [MI-4] (introduced 3/11/2011)      Cosponsors (None)
Committees: House Ways and Means; House Transportation and Infrastructure
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

4.  [112nd] H.R.1036: To amend the Internal Revenue Code of 1986 to allow temporarily a reduced rate of tax with respect to repatriated foreign earnings.
Sponsor: Rep Bilbray, Brian P. [CA-50] (introduced 3/11/2011)      Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

5.  [112nd] H.R.1039: To amend the Internal Revenue Code of 1986 to permanently extend the Indian employment credit and the depreciation rules for property used predominantly within an Indian reservation.
Sponsor: Rep Sullivan, John [OK-1] (introduced 3/11/2011)      Cosponsors (4)
Committees: House Ways and Means
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

6.  [112nd] H.R.1040: To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.
Sponsor: Rep Burgess, Michael C. [TX-26] (introduced 3/11/2011)      Cosponsors (3)
Committees: House Ways and Means; House Rules
Latest Major Action: 3/11/2011 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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.