Daily Tax Update - April 24, 2007

TELECONFERENCE ON 409A REGULATIONS:  On May 1, 2007, Steptoe & Johnson LLP will host a free teleconference from 2:00 - 3:30 p.m. EDT on the recent 409A regulations.  These regulations potentially affect all employers'  deferred compensation, equity, severance, change of control, and supplemental pension plans, and employment agreements.  The teleconference is hosted by Steptoe’s employee benefits’ tax partners, Anne Moran and Don Wellington, and features guest speakers Dan Hogans, Attorney Advisor, Office of Benefits Tax Counsel at the US Treasury Department, and Cheryl Harwick of Marathon Oil.  This timely teleconference will cover compliance with key problem areas, and strategies for the final months of the transition period.  Please click here for additional details and registration.  Virginia CLE application is pending.

TAX BILLS INTRODUCED APRIL 23RD:
H.R. 2000: To amend the Internal Revenue Code of 1986 to encourage private philanthropy.
Sponsor: Rep Deal, Nathan[GA-9] (introduced 4/23/2007)      Cosponsors (None)

H.R. 2001: To amend the Internal Revenue Code of 1986 to apply the energy credit to combined heat and power system property.
Sponsor: Rep Inslee, Jay[WA-1] (introduced 4/23/2007)      Cosponsors (10)

H.R. 2002: To amend title II of the Social Security Act and the Internal Revenue Code of 1986 to provide for enhanced retirement security in the form of an Individual Social Security Investment Program.
Sponsor: Rep Johnson, Sam[TX-3] (introduced 4/23/2007) Cosponsors (None) 

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.