Daily Tax Update - July 30, 2012: Congress Will Not Act on Continuing Resolution Before August Recess

CONGRESS WILL NOT ACT ON CONTINUING RESOLUTION BEFORE AUGUST RECESS:  Congress will recess at the end of this week for five weeks and will not vote on a continuing resolution to keep the government running before then.  Congress will have to pass a continuing resolution prior to September 30 to avoid a government shutdown.  After Congress returns from its recess, the House will have only eight legislative days in September in which to complete its work before the November elections.

HOUSE DEMOCRATS INTRODUCE SENATE-PASSED TAX CUT BILL:  Rep. Sander Levin (D-MI) said that he plans to introduce the Senate-passed tax cut bill today for families earning up to $250,000 as an alternative to the Republican bill to extend all of the Bush-era tax cuts.  The House is expected to take up both the Republican and Democratic alternatives on Thursday.

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.