Daily Tax Update - July 10, 2007

OVERSIGHT SUBCOMMITTEE SCHEDULES HEARING ON TAX-EXEMPT CHARITABLE ORGANIZATIONS:  On July 24, the House Ways and Means Oversight Subcommittee will hold an overview hearing on tax-exempt organizations, which will focus on charities and foundations described in section 501(c)(3).  The Subcommittee will review the overall state of this sector, including activities and measures for ensuring public accountability and good governance.

  • In announcing the hearing, Subcommittee Chairman John Lewis (D-GA) stated: "The volunteers and organizations that make up the charitable community work day after day providing services to our communities that are critical to all Americans and essential to the well-being of our Country.  The Congress and the public must continue to support this community.  I look forward to beginning a dialogue about the important role charities play in American life.  The Subcommittee will continue its review of tax-exempt issues throughout the 110th Congress, including charities' efforts to assist diverse communities and other specific areas of concern."
  • Additional information can be accessed via: http://waysandmeans.house.gov/hearings.asp?formmode=view&id=6224

SEN. ENSIGN NAMED TO FINANCE COMMITTEE:  Sen. John Ensign (R-NV) has been selected to fill the vacancy on the Senate Finance Committee caused by the death of former Sen. Craig Thomas (R-WY).

JOINT TAX COMMITTEE RELEASES REPORT ON PARTNERSHIP CARRIED INTEREST:  In conjunction with tomorrow’s Senate Finance Committee hearing, the Joint Committee on Taxation has released a report titled, “Present Law And Analysis Relating To Tax Treatment Of Partnership Carried Interests.”

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.