Daily Tax Update - February 10, 2006

SENATE EXPECTED TO APPOINT CONFEREES NEXT WEEK:
The Senate will consider a motion to go to conference on the tax reconciliation bill next week and is expected to appoint its conferees soon afterward. Because the week-long Presidents’ Day recess begins February 20, any formal conference committee meetings would not likely begin until after the lawmakers return.

  • In conjunction with the upcoming conference, the Joint Committee on Taxation released a comparison of the estimated revenue effects for the House and Senate-passed bills.
  • The document can be accessed here.  

TAX BILL INTRODUCED FEBRUARY 9:

  • S. 2270 sponsored by Sen. Robert Menendez (D-NJ) would allow a refundable credit against income tax to subsidize the cost of COBRA continuation coverage for certain individuals.

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