Daily Tax Update - June 14, 2011: Spring 2011 Statistics of Income Bulletin Now Available

SPRING 2011 STATISTICS OF INCOME BULLETIN AVAILABLE: Today, the IRS announced that the spring issue of the Statistics of Income Bulletin is now available.  This issue features information on high-income individual income tax returns filed for tax year 2008.

  • According to the IRS, “Taxpayers filed more than 4.3 million returns with adjusted gross income of $200,000 or more for tax year 2008, which represents 3 percent of all individual returns filed for 2008. The Statistics of Income (SOI) Division of the IRS produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers.”
  • The document can be accessed here:

TAX BILL INTRODUCED JUNE 13TH:

S.1185: A bill to amend the Internal Revenue Code of 1986 to provide for a variable VEETC rate based on the price of crude oil, and for other purposes. Sponsor: Sen Thune, John [SD] (introduced 6/13/2011) Cosponsors (14) Latest Major Action: 6/13/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

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.