Daily Tax Update - November 19, 2012: Treasury, IRS Release 2012-2013 Priority Guidance Plan

TREASURY, IRS RELEASE 2012 – 2013 PRIORITY GUIDANCE PLAN: The Treasury Department and the IRS released the 2012-2013 Priority Guidance Plan.  According to the joint press release, “The 2012–2013 Priority Guidance Plan contains 317 projects that are priorities for allocation of the resources of our offices during the twelve-month period from July 2012 through June 2013 (the plan year). The plan represents projects we intend to work on actively during the plan year and does not place any deadline on completion of projects.  Projects on the 2012–2013 plan will provide guidance on a variety of issues important to individuals and businesses, including international taxation, health care, and implementation of legislative changes. In addition to the items on the 2012–2013 plan, the Appendix lists the more routine guidance that is generally published each year.”  Treasury and the IRS also released the 4th quarter update to the 2011-2012 priority guidance plan.

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.