Daily Tax Update - February 15, 2005

Tax Reform Panel to Hold First Meeting
Tomorrow, the President's Advisory Panel on Federal Tax Reform will hold its first meeting. Secretary of the Treasury John Snow and other witnesses will provide an overview of our current tax system. Additionally, the witnesses will explain the difference between a tax on income and a tax on consumption, how the  different bases impact the overall functioning of the tax system, and the advantages and disadvantages of each  one in terms of simplicity, fairness and economic growth. The panel is expected to report its recommendations by July 31.

  • The Chairman of the tax reform panel, former Senator Connie Mack, said, "The President has tasked our Panel with developing reforms to make the tax code simpler, fairer and more growth oriented.  I look forward to the opportunity to hear from Secretary Snow as well as this distinguished group of experts as we begin the process of examining the problem and formulating solutions."
  • Former Senator John Breaux, Vice Chairman, said, "The current tax system is an unfair burden on Americans. When it takes the average taxpayer 11 hours to fill out the short tax form, something is wrong.  This is a unique opportunity to work in a bipartisan effort and find ways to make the tax system serve Americans better."

Tax Bill Introduced February 14

  • S. 372 sponsored by Sen. Patrick Leahy (I-VT) would provide that a deduction equal to fair market value shall be allowed for charitable contributions of literacy, musical, artistic, or scholarly compositions created by the donor.

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