Daily Tax Update - March 7, 2008

FINANCE COMMITTEE APPROVES NOMINATION OF SHULMAN FOR IRS COMMISSIONER: Yesterday, the Senate Finance Committee unanimously approved the nomination of Douglas H. Shulman for Commissioner of the IRS. The nomination now moves to the full Senate for approval.  Finance Committee Chairman Max Baucus (D-MT) said, “If the Senate votes to confirm Mr. Shulman, he will have to hit the ground running. Mr. Shulman has a big job ahead of him, beginning with the very important task of making sure that economic stimulus checks get to millions of Americans in a timely manner. We will support his efforts and the needs of the agency, but it will ultimately fall to him and to the IRS as a whole to improve service and the overall IRS experience for American taxpayers.”

HOUSE AND SENATE LEADERS WANT TO FINISH FARM BILL NEGOTIATIONS SOON: Yesterday, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi told negotiators to the farm bill to complete their discussions as soon as possible. The extension of the 2002 farm bill is set to expire March 15 and House Agriculture Committee Chairman Peterson has that said a second extension until April 15 would be needed to finish the bill. There has been disagreement between the House and Senate Agriculture Committees and Senate Finance Committee over which committee has jurisdiction over the funding in the bill. It still remains unclear which offsets or tax provisions might be in the bill.  

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.

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