Daily Tax Update - April 25, 2005

BUDGET CONFEREES HOPEFUL TO CONCLUDE NEGOTIATIONS THIS WEEK:
House and Senate budget conferees are optimistic that they can conclude their negotiations this week on the Fiscal Year 2006 budget before the Senate takes a one-week recess beginning May 2nd. The conferees have tentatively agreed to $70 billion in tax cuts. The conferees must come to an agreement on Medicaid cuts and other mandatory spending cuts before the conference can conclude.

IRS SEEKS APPLICANTS FOR ELECTRONIC TAX ADVISORY COMMITTEE:
The IRS announced that it is seeking to fill seven vacancies on the Electronic Tax Administration Advisory Committee (ETAAC). The ETAAC provides a public forum for discussion of electronic tax administration issues in support of paperless filing of tax and information returns, a major IRS goal. Members are appointed by the Secretary of Treasury and serve a three-year term. The deadline for submitting applications is April 29, 2005.

  • The ETAAC director said, "The ETAAC panel plays a critical role in electronic tax administration. It helps develop and implement IRS strategy. It suggests improvements. It offers its opinion on current or proposed policies, programs and procedures. By applying for membership in ETAAC, you could serve on this important committee."
  • Additional information 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