Daily Tax Update - January 18, 2007

WAYS AND MEANS COMMITTEE ANNOUNCES UPCOMING HEARING ISSUES AND SUBCOMMITTEE ASSIGNMENTS: Rep. Charles Rangel (D-NY), Chairman of the House Ways and Means Committee, announced yesterday that the Committee would hold hearings on a wide variety of subjects, including: the impact of globalization, the tax gap, tax scams, and alternative minimum tax relief. Other hearings for this Congress include the overall state of the federal budget, the short- and long-term fiscal outlook, energy tax incentives, tax breaks for moderately priced housing, health savings accounts, tax-exempt organizations, and tax credit bonds for school construction and renovation.

  • The members of the Subcommittees were also announced here.

TAX BILLS INTRODUCED JANUARY 17TH CAN BE ACCESSED VIA:
Click here for more information. 

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.