Daily Tax Update - June 13, 2005

HIGHWAY CONFEREES CONTINUE DELIBERATIONS THIS WEEK:
Conferees to the House and Senate highway reauthorization bill continue their meetings to try to reconcile the differences between the $284 billion House version and the $295 billion Senate bill. The White House has said President Bush would veto any bill exceeding $284 billion.

  • Some members suggested last week that there was room for a compromise in the amount of $290 billion, but no agreement has been reached on that amount.
  • If the conferees do not conclude their negotiations by the end of this month, another temporary extension of the highway bill will have to be reached.

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