Daily Tax Update - June 14, 2005

WAYS AND MEANS COMMITTEE CONTINUES SOCIAL SECURITY REFORM HEARINGS:
Today, the House Ways and Means Subcommittee on Social Security held a hearing to examine the impact of the American population’s increasing longevity on Social Security’s finances and explore ways to encourage work at older ages.

  • In announcing the hearing, Subcommittee Chairman Jim McCrery (R-LA) stated, "Our aging society creates both challenges and opportunities for our Nation.  As we explore how to improve retirement security and protect and strengthen Social Security, we need to understand the impact of upcoming changes in our population."
  • Testimony from today’s hearing can be accessed here.

TAX BILLS INTRODUCED JUNE 13:

  • H.R. 2868 sponsored by Rep. Sam Graves (R-MO) would extend and expand the deduction for certain expenses of elementary and secondary school teachers.
  • S. 1229 sponsored by Sen. Harry Reid (D-NV) would extend, modify, and expand the credit for electricity produced from renewable resources and waste products.

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