Daily Tax Update - August 12, 2005

WAYS AND MEANS SUBCOMMITTEE SCHEDULES HEARING ON MEMBERS' TAX PROPOSALS:
On September 20, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing to provide Members of the House the opportunity to testify on tax proposals of importance to their constituents.

  • In announcing the hearing, Select Revenue Measures Subcommittee Chairman Dave Camp (R-MI) said, "We have the privilege of regularly hearing from Ways and Means Committee Members on issues of importance to their districts. This hearing seeks input from Members outside the Committee on tax provisions of interest to their constituents."

PRESIDENT SIGNS HIGHWAY AND ENERGY BILLS INTO LAW:
This week, President Bush signed the "Safe, Accountable, Flexible, Efficient Transportation Equity Act" (highway reauthorization bill) and the "Energy Policy Act of 2005" into law.

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