Daily Tax Update - June 28, 2005

FINANCE SUBCOMMITTEE HOLDS HEARING ON SAVINGS AND INVESTMENT:
On June 30, the Senate Finance Subcommittee on Taxation and IRS Oversight will hold a hearing titled, "Encouraging Savings and Investment: Stay the Course or Change Direction?"

TAX BILLS INTRODUCED JUNE 27:

  • H.R. 3075 sponsored by Rep. Ron Paul (R-TX) would make health care coverage more accessible and affordable.
  • H.R. 3076 sponsored by Rep. Ron Paul (R-TX) would allow individuals a credit against income tax for the cost of insurance against negative outcomes from surgery, including against malpractice of a physician.
  • H.R. 3077 sponsored by Rep. Ron Paul (R-TX) would allow individuals a credit against income tax for medical expenses for dependents.
  • H.R. 3078 sponsored by Rep. Ron Paul (R-TX) would waive the employee portion of Social Security taxes imposed on individuals who have been diagnosed as having cancer or a terminal disease.
  • H.R. 3079 sponsored by Rep. Ron Paul (R-TX) would exclude from gross income amounts received on the sale of animals which are raised and sold as part of an educational program.
  • H.R. 3080 sponsored by Rep. Lee Terry (R-NE) would increase tax benefits for parents with children.

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