Daily Tax Update - July 19, 2005

HIGHWAY CONFEREES CONTINUE TO STRIVE TO REACH FINAL AGREEMENT:
The House and Senate highway reauthorization bill conferees failed to reach a final agreement yesterday, despite a long session of negotiations. The conference chairman, Rep. Don Young (R-AK), expressed disappointment: "Every time we get close, they back out on me. We’re getting there though." The main sticking points appear to be public transportation funding and a formula for distributing highway funds to the states.

  • The conferees now expect that it will take until the end of this week to reach a final agreement that will be acceptable to both the House and Senate. To continue discussions, the conferees will have to approve the ninth extension of the highway reauthorization bill.

TAX BILL INTRODUCED JULY 18:

  • H.R. 3319 sponsored by Rep. Dave Weldon (R-FL) would provide an exemption from the harbor maintenance tax for certain shipping between United States mainland ports.

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