Daily Tax Update - July 15, 2010

SENATE PASSES WALL STREET REFORM CONFERENCE REPORT: Today, by a vote of 60 to 39, the Senate approved the "Wall Street Reform and Consumer Protection Act." Three Republicans voted for the bill—Senators Olympia Snowe and Susan Collins of Maine and Scott Brown of Massachusetts. The bill now goes to President Obama for his signature.

  • A summary of the bill can be accessed here.

FINANCE REPUBLICANS CALL FOR MARK UP OF EXTENSION OF 2001, 2003 TAX CUTS: Today, ranking Finance Committee member Sen. Chuck Grassley and the other Republican Finance members asked Chairman Max Baucus to schedule a mark-up of an extension of current individual tax rates, which will expire in less than six months without legislative action. The text of the senators’ letter is available here.

WAYS AND MEANS EXPECTED TO HOLD HEARING ON TRANSFER PRICING ISSUES: Although the specific details have not been released, the House Ways and Means Committee is expected to hold a hearing on transfer pricing issues next week. The hearing could be scheduled for July 22. Committee Chairman Sander Levin said, "It's mainly to air the issues next week. We'll see what comes of it.”

TAX BILLS INTRODUCED JULY 14TH:
S.3582: A bill to amend the Internal Revenue Code of 1986 to allow a credit against income tax for amounts paid by a spouse of a member of the Armed Forces for a new State license or certification required by reason of a permanent change in the duty station of such member to another State.
Sponsor: Sen Casey, Robert P., Jr. [PA] (introduced 7/14/2010) Cosponsors (6)

S.3590: A bill to amend the Internal Revenue Code of 1986 to provide financial incentives to facilitate the development and early deployment of carbon capture and sequestration technologies, and for other purposes.
Sponsor: Sen Rockefeller, John D., IV [WV] (introduced 7/14/2010) 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.