Michael Mares presents the week’s tax updates:

• The Treasury Department released final and new temporary regulations related to automatic extensions
• Form 2688 for individuals was eliminated to reduce overall taxpayer burden
• The news from the partnerships estate and trust is not so good – the regulations now provide for a 5 month extension instead of a 6 month extension in 2009. All entity returns have a due date of September 15 for calendar year filers.
• Tresury Department release final regulations on employment tax adjustments and refund claims
• IRS followed through on its strategic goal of cracking down on offshore tax evasion by obtaining a John Doe summons against UBS