Daily Tax Update - February 09, 2006

HOUSE APPOINTS TAX RECONCILIATION CONFEREES:
Yesterday, the House named three Republicans and two Democrats as conferees on the tax reconciliation bill. Republican conferees are Ways and Means Committee Chairman William Thomas (R-CA), Ways and Means members Jim McCrery (R-LA) and Dave Camp (R-MI). Democratic conferees are Ways and Means ranking minority member Charles Rangel (D-NY) and Ways and Means member Pete Stark (D-CA). The Senate must now pass a motion to go to conference and then appoint its conferees before negotiations can begin. The conference may not convene until after the Presidents’ day recess.

TAX BILLS INTRODUCED FEBRUARY 8:

  • H.R. 4707 sponsored by Rep. Phil English (R-PA) would restructure and replace the income tax system of the United States to meet national priorities.
  • H.R. 4716 sponsored by Rep. Tom Cole (R-OK) would provide credits for individuals and businesses for the installation of certain wind energy property.
  • H.R. 4725 sponsored by Rep. Bob Goodlatte (R-VA) would terminate the Internal Revenue Code of 1986.
  • H.R. 4727 sponsored by Rep. Sam Farr (D-CA) would provide for an extension of the period of limitation to file claims for refunds on account of disability determinations by the Department of Veterans Affairs.

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