Daily Tax Update - January 31, 2006

PRESIDENT TO DELIVER STATE OF THE UNION ADDRESS TONIGHT:
Tonight, President Bush will address the nation in his fifth State of the Union message. The President’s speech is expected to include domestic initiatives on economic competitiveness, healthcare, energy policy, and controlling government spending. The President is also expected to call for making the 2001 and 2003 tax cuts permanent.

SENATE FOREIGN RELATIONS COMMITTEE TO HOLD HEARINGS ON TAX TREATIES:
The Senate Foreign Relations Committee has scheduled hearings for February 2 on several proposed tax treaties and protocols, including protocols with France (income and estate tax) and Sweden, and a proposed treaty with Bangladesh.

  • In connection with the hearing, the Joint Committee on Taxation has issued Explanation Of Proposed Protocol To The Income Tax Treaty Between The United States And Sweden (JCX-1-06), Explanation Of Proposed Protocol To The Income Tax Treaty Between The United States And France (JCX-2-06), Explanation Of Proposed Protocol To The Estate, Inheritance, And Gift Tax Treaty Between The United States And France (JCX-3-06), and Explanation Of The Proposed Income Tax Treaty Between The United States And The People's Republic Of Bangladesh (JCX-4-06)
  • The documents can be accessed here.  

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