Daily Tax Update - March 03, 2005

Treasury Releases Updated Tax Fact Sheets
The Treasury Department has released several new tax fact sheets including information on who pays the most individual income taxes and another fact sheet comparing the regular income tax and the alternative minimum tax.

  • The fact sheets can be accessed here.

Tax Bills Introduced March 2

  • H.R. 1040 sponsored by Rep. Michael Burgess (R-TX) would provide taxpayers a flat tax alternative to the current income tax system.
  • H.R. 1048 sponsored by Rep. Rahm Emanuel (D-IL) would allow taxpayers to split refunds and make deposits electronically among certain accounts.
  • H.R. 1049 sponsored by Rep. Phil English (R-PA) would exclude certain truck tractors from the Federal excise tax on heavy trucks and trailers sold at retail.
  • H.R. 1062 sponsored by Rep. Clay Shaw, Jr. (R-FL) would provide a shorter recovery period for the depreciation of certain improvements to retail space.
  • H.R. 1063 sponsored by Rep. Clay Shaw, Jr. (R-FL) would restore equity and complete the transfer of motor fuel excise taxes attributable to motorboat and small engine fuels into the Aquatic Resources Trust Fund.

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