Daily Tax Update - December 12, 2006

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL THE 110TH CONGRESS CONVENES ON JANUARY 4TH.

WAYS AND MEANS COMMITTEE DEMOCRATIC MEMBERS ANNOUNCED: Today, the House Democratic Steering Committee selected its members for the House Ways and Means Committee.  Named to the Ways and Means Committee are Reps. Earl Blumenauer of Oregon, Ron Kind of Wisconsin, William Pascrell of New Jersey, Shelley Berkley of Nevada, Joseph Crowley of New York, Chris Van Hollen of Maryland, Kendrick Meek of Florida, Allyson Schwartz of Pennsylvania and Artur Davis of Alabama.

  • The Democratic Steering Committee also agreed to a resolution "temporarily removing" Rep. William Jefferson (D-LA) from the Ways and Means Committee until his federal corruption investigation is resolved.

SENATE CONFIRMS SOLOMON AS ASSISTANT TREASURY SECRETARY FOR TAX POLICY:  Before adjourning for the year, the Senate confirmed Eric Solomon as the Assistant Treasury Secretary for Tax Policy. 

  • A Treasury Department spokesperson said, “Treasury is extremely pleased with the confirmation of Eric Solomon.  He is an outstanding nominee, and the Department looks forward to working with Senator Baucus and other members of Congress next year.”

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.