Daily Tax Update - June 15, 2007

IRS HOSTS NATIONWIDE TAX FORUMS:  Today, the IRS announced that it is hosting six Nationwide Tax Forums which provide tax professionals with the latest tax information through training seminars.  According to the IRS, “The Tax Forums offer three full days of seminars with the latest word from the IRS leadership and experts in the fields of tax law, compliance and ethics.”

  • The locations are:
    • Atlanta — July 17-19
    • Chicago — July 31-August 2
    • Las Vegas — August 21-23
    • New York — August. 28-30
    • Anaheim — September 11-13
    • Orlando — September 18-20
  • Additional information can be accessed via:  http://www.irs.gov/taxpros/article/0,,id=97192,00.html

TAX BILLS INTRODUCED JUNE 14TH:

H.R. 2715: To amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles.
Sponsor: Rep. Blumenauer, Earl [OR-3] (introduced 6/14/2007)      Cosponsors (3)

H.R. 2719: To amend the Internal Revenue Code of 1986 to provide that amounts paid for foods for special dietary use, dietary supplements, or medical foods shall be treated as medical expenses.
Sponsor: Rep. Burton, Dan [IN-5] (introduced 6/14/2007)      Cosponsors (None)

H.R. 2724: To amend the Internal Revenue Code of 1986 to modify the saver's credit.
Sponsor: Rep. Emanuel, Rahm [IL-5] (introduced 6/14/2007)      Cosponsors (1)

S. 1617: A bill to amend the Internal Revenue Code of 1986 to provide incentives for plug-in electric drive motor vehicles.
Sponsor: Sen. Hatch, Orrin G. [UT] (introduced 6/14/2007)      Cosponsors (5)

S. 1618: A bill to amend the Internal Revenue Code of 1986 to provide a credit for the production of a cellulosic biofuel.
Sponsor: Sen. Salazar, Ken [CO] (introduced 6/14/2007)      Cosponsors (10)

S. 1619: A bill to amend the Internal Revenue Code of 1986 to provide a credit for fuel-efficient motor vehicles, and for other purposes.
Sponsor: Sen. Wyden, Ron [OR] (introduced 6/14/2007)      Cosponsors (1)

S. 1621: A bill to amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.
Sponsor: Sen. Conrad, Kent [ND] (introduced 6/14/2007)      Cosponsors (6)

S. 1624: A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services.
Sponsor: Sen. Baucus, Max [MT] (introduced 6/14/2007)      Cosponsors (1)

S. 1627: A bill to amend the Internal Revenue Code of 1986 to extend and expand the benefits for businesses operating in empowerment zones, enterprise communities, or renewal communities, and for other purposes.
Sponsor: Sen. Lincoln, Blanche L. [AR] (introduced 6/14/2007)      Cosponsors (9)

S. 1630: A bill to amend the Internal Revenue Code of 1986 to exclude certain tax-exempt financing of electric transmission facilities from the private business use test.
Sponsor: Sen. Crapo, Mike [ID] (introduced 6/14/2007)      Cosponsors (1)

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.