Daily Tax Update - March 10, 2009

JOINT TAX COMMITTEE RELEASES LIST OF EXPIRING TAX PROVISIONS:  The Joint Committee on Taxation has released its annual list of expiring tax provisions. The document provides a listing of Federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in 2008-2020. 

  • The JCT document includes all tax legislation enacted through mid-February.
  • The document can be accessed here.  

TA BILLS INTRODUCED MARCH 9th:
H.R.1389: To amend the Internal Revenue Code of 1986 to allow a refundable credit for taxes paid on earnings reinvested and lost in a fraudulent investment scheme.
Sponsor: Rep Ackerman, Gary L. [NY-5] (introduced 3/9/2009)      Cosponsors (None)

S.551: A bill to amend the Internal Revenue Code of 1986 to exempt certain shipping from the harbor maintenance tax.
Sponsor: Sen Lautenberg, Frank R. [NJ] (introduced 3/9/2009)      Cosponsors (5)

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.