Daily Tax Update - December 09, 2005

HOUSE MAJORITY LEADER "HOPEFUL" TAX CONFERENCE CAN BE COMPLETED THIS YEAR:
Acting House Majority Leader Roy Blunt (R-MO) said yesterday that he is still "hopeful" that a conference on the tax bill can occur before Congress adjourns for the year. The House is scheduled to adjourn for the year on December 18. The Senate returns from its recess next week and is scheduled to adjourn by December 20.

  • Among the differences in the two bills are the capital gains and dividends rate extensions that are included in the House Bill. In addition, the Senate bill contains AMT relief, hurricane relief provisions and revenue raisers. Senate leaders are considering whether to try to pass stand-alone bills dealing with hurricane tax incentives and AMT relief in an effort to expedite those tax breaks. The House passed stand-alone AMT and hurricane relief bills earlier this week.
TAX BILLS INTRODUCED DECEMBER 8:
  • H.R. 4480 sponsored by Rep. Michael Turner (R-OH) would provide tax incentives for the remediation of contaminated sites.
  • H.R. 4481 sponsored by Rep. Maurice Hinchey (D-NY) would extend the financing for Superfund for purposes of cleanup activities with respect to Hurricanes Katrina and Rita.

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