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."

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.

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