Daily Tax Update - January 22, 2007

WAYS AND MEANS COMMITTEE SCHEDULES HEARING ON THE ECONOMY: Tomorrow, the House Ways and Means Committee will hold a hearing on the state of the U.S. economy. This hearing is the first in a series on economic conditions in the United States. In announcing the series, Committee Chairman Charles Rangel (D-NY) said, "These hearings will help provide the Committee with a good economic overview as we begin our legislative work in the new Congress. Economic issues are vital to the security and prosperity of our great nation and Congress needs to know, to the fullest extent possible, how the economy is, or isn’t working for every American."

TAX BILLS INTRODUCED JANUARY 19TH CAN BE ACCESSED VIA:
http://www.steptoe.com/assets/attachments/2809.pdf

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.