Daily Tax Update - March 07, 2006

THREE MEMBERS EXPECTED TO VIE FOR WAYS & MEANS COMMITTEE CHAIRMANSHIP:
With yesterday’s announcement by House Ways and Means Committee Chairman Bill Thomas (R-CA) that he would not seek reelection, several members have expressed interest in assuming the Chairman’s gavel in the next Congress. Committee members Reps. Jim McCrery (R-LA), Clay Shaw (R-FL), and Nancy Johnson (R-CT) have expressed interest in the position. There is some speculation that Thomas has been under consideration as a possible successor to Treasury Secretary John Snow, but the Treasury Secretary has made no official announcement about leaving his post.

MORE TAXPAYERS SUBMITTING RETURNS ELECTRONICALLY:
Today, the IRS announced that electronically filed returns have increased. According to the IRS, "Through early March, more than 39.5 million taxpayers have e-filed this year. Home computer use is up 16.5 percent, with e-file by tax professionals up nearly 4 percent."

  • IRS Commissioner Mark Everson stated, "The home computer is increasingly replacing the paper tax form. Both individual taxpayers and tax professionals are turning to e-file more and more because it’s fast and accurate."

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