Daily Tax Update - August 31, 2007

TAX-WRITING COMMITTEES ANNOUNCE UPCOMING HEARINGSOn September 6, the House Ways and Means Committee will hold a hearing on fairness and equity in the tax code.  The hearing will focus on a number of tax fairness issues, including the tax treatment of investment fund managers and the impact of the alternative minimum tax on working families.  It will also examine the reasons why investment funds are being organized offshore.  In announcing the hearing, Chairman Rangel said, “One of the fundamental duties of the Committee on Ways and Means is to conduct oversight of the tax code and ensure that our tax laws promote fairness and equity for America’s working families.  This hearing will examine a number of tax provisions to determine whether they are functioning fairly and equitably.”

  • Also on September 6, the Senate Finance Committee will hold a hearing on “Carried Interest Part III:  Pension Issues.”
  • The witness lists have not been released.

IRS ISSUES SUMMER 2007 STATISTICS OF INCOME BULLETIN:  Today, the IRS announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005.  The bulletin also includes articles highlighting foreign-controlled domestic corporations, federal excise taxes, estate tax returns, the history of estate taxes, and the evolution of the foreign tax credit and foreign corporations in the face of increasingly complex international corporate structures.

STEPTOE’S UK AUGUST 2007 TAX LAW UPDATE CAN BE ACCESSED VIA:
http://www.steptoe.com/assets/attachments/3109.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.