Daily Tax Update - March 14, 2008

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON MARCH 31ST.  

SENATE CONFIRMS SCHULMAN TO BE IRS COMMISSIONER: Today, the Senate approved the nomination of Douglas Shulman to be commissioner of the IRS. Under a new law clarifying that the term of the IRS commissioner follows the calendar and not the individual, he will assume the leftover year of former Commissioner Mark Everson's term and Shulman’s term will end in 2012.

  • Finance Committee Chairman Max Baucus (D-MT) said, “Millions of Americans – including our senior citizens and disabled veterans – are counting on Mr. Shulman to oversee the distribution of economic stimulus checks right and right away. Members of Congress are ready for a new and willing leader at the IRS who will seek to improve service to all taxpayers, and to tackle the tax administration issues that leave our country running in the red. I not only wish Mr. Shulman luck in his new position, I also promise that the Finance Committee will work with him to make the IRS a more efficient, effective, and responsive operation for all our citizens.”

TAX BILLS INTRODUCED MARCH 13TH:
H.R.5602: To amend the Internal Revenue Code of 1986 and the Social Security Act to treat certain domestically controlled foreign persons performing services under contract with the United States Government as American employers for purposes of certain employment taxes and benefits.
Sponsor: Rep Ellsworth, Brad [IN-8] (introduced 3/13/2008)      Cosponsors (4)

H.R.5612: To amend the Internal Revenue Code of 1986 to waive the deadline on the construction of GO Zone property which is eligible for bonus depreciation.
Sponsor: Rep Taylor, Gene [MS-4] (introduced 3/13/2008)      Cosponsors (4)

S.2754: A bill to amend the Internal Revenue Code of 1986 to modify the definition of refined coal.
Sponsor: Sen Conrad, Kent [ND] (introduced 3/13/2008)      Cosponsors (3)

S.2757: A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes.
Sponsor: Sen Vitter, David [LA] (introduced 3/13/2008)      Cosponsors (None)

S.2761: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/13/2008)      Cosponsors (None)

S.2763: A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/13/2008)      Cosponsors (None)

S.2775: A bill to amend the Internal Revenue Code of 1986 and the Social Security Act to treat certain domestically controlled foreign persons performing services under contract with the United States Government as American employers for purposes of certain employment taxes and benefits.
Sponsor: Sen Kerry, John F. [MA] (introduced 3/13/2008)      Cosponsors (3)

S.2782: A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/13/2008)      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.