Daily Tax Update - March 19, 2012: Subcommittee To Hold Hearing on IRS Oversight & Tax Filing Season

OVERSIGHT SUBCOMMITTEE TO HOLD HEARING ON IRS AND 2012 TAX FILING SEASON:  On March 22, the House Ways and Means Subcommittee on Oversight will hold a hearing on the Internal Revenue Service ("IRS") and the 2012 tax return filing season.  In announcing the hearing, Subcommittee Chairman Boustany said, "The Subcommittee looks forward to hearing from Commissioner Shulman about steps being taken by the Agency to deliver timely service to American taxpayers during this filing season.  In addition to a discussion of the current budget request, I am also particularly interested to learn more about how the agency is using its current budget to administer tax enforcement initiatives that protect taxpayer dollars from fraud."  The Commissioner of the IRS, the Honorable Douglas Shulman, will be the only witness at the hearing.

JOINT TAX PROVIDES REVENUE ESTIMATES OF OBAMA'S BUDGET PROPOSALS: The Joint Committee on Taxation has estimated that President Obama’s Fiscal Year 2013 budget proposals will cost $2.9 trillion from 2012 to 2022.

  • The document can be accessed here.

MISCELLANEOUS GUIDANCE RELEASED:

Revenue Ruling 2012-11 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate.  These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

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.