Daily Tax Update - July 9, 2009

“TAX TALK TODAY” TO FEATURE THE ROLE OF THE IRS’ OFFICE OF PROFESSIONAL RESPONSIBILITY:  On July 14, the IRS’ Tax Talk Today will discuss “OPR: A Balanced Approach,” featuring the agency’s Office of Professional Responsibility, its oversight role, and its approaches to its mission. This free, interactive webcast will be held at 2 p.m.

  • According to the IRS, “The mission of the Office of Professional Responsibility is to set, communicate and enforce standards of competence, integrity and conduct among tax professionals governed by Treasury Department Circular No. 230. OPR supports the IRS strategy to enhance enforcement of the tax law and to ensure that attorneys, accountants and other tax practitioners adhere to professional standards and follow the law.” 
  • Registration information can be accessed here

BAUCUS SEARCHING FOR $320 BILLION IN REVENUE OFFSETS TO FUND HEALTH CARE OVERHAUL:  Yesterday, Senate Finance Committee Chairman Max Baucus said that the committee was looking at $320 billion in revenue raisers to pay for heath care reform legislation.

  • Finance member and Budget Committee Chairman Kent Conrad said, “As you search for options everything has got to be on the table. It’s just not wise to take anything off the table.”
  • The House Ways and Means Committee is likely to release details of its financing package tomorrow. 

TAX BILLS INTRODUCED JULY 8TH:
H.R.3135: To amend the Internal Revenue Code of 1986 to provide additional incentives for facilities producing electricity from wind.
Sponsor: Rep Walz, Timothy J. [MN-1] (introduced 7/8/2009)      Cosponsors (7)

S.1408: A bill to amend the Internal Revenue Code of 1986 to encourage alternative energy investments and job creation.
Sponsor: Sen Menendez, Robert [NJ] (introduced 7/8/2009)      Cosponsors (2)

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.