Daily Tax Update - July 12, 2005

HIGHWAY CONFEREES HOPEFUL CONFERENCE WILL BE COMPLETED IN NEXT THREE WEEKS:
The House and Senate highway reauthorization conferees are hopeful that negotiations can be wrapped up in the next two or three weeks. Progress has been made on the staff level during meetings that have occurred during the July 4th recess. Prior to adjourning for the July 4th recess, House Speaker Dennis Hastert (R-IL) said, "House and Senate negotiators have been working on a compromise for a transportation bill that would make much-needed improvements to federal highways. Tonight they came to an agreement, both on a bipartisan and bicameral agreement, to move that bill forward." The funding framework would authorize $286 billion for highway programs through 2009, which is slightly higher than the $284 billion level supported by the House and the Administration. The details of the funding framework have not been made available yet.

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