Daily Tax Update - September 10, 2012: Congress Returns to Work

CONGRESS RETURNS TO WORK:  Today, Congress returns from its five-week summer recess.  The House is scheduled to pass the continuing resolution later this week followed by Senate action next week.  The fiscal year expires September 30, and the continuing resolution is expected to keep the government funded through March.

Tomorrow, the House Ways and Means Subcommittee on Oversight will hold a hearing on the Internal Revenue Service’s (IRS) implementation and administration of the Patient Protection and Affordable Care Act and Health Care and Education Reconciliation Act of 2010.  In announcing the hearing, Subcommittee Chairman Boustany said, "In recent years, the Subcommittee has held hearings on the IRS’s budget, its administration of our complex and convoluted tax code, and an estimated $100 billion in taxpayer dollars that have been lost to fraud, waste, and abuse over the past decade.  Under President Obama’s health care law, the IRS is now charged with administering much of the health care law.  It is imperative that we take a close look at these new duties and consider the impact they will have on the agency and the taxpayers it serves."

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.