Daily Tax Update - February 18, 2011: Another Finance Member Announces Retirement

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON FEBRUARY 28TH.

ANOTHER FINANCE MEMBER ANNOUNCES RETIREMENT:  Today, Senate Finance Committee member Sen. Jeff Bingaman (D-NM) announced that he would not seek re-election in 2012.  Two other Finance Committee members, Sen. Jon Kyl (R-AZ) and Sen. Kent Conrad (D-ND), have also stated that they would not run again.

  • Bingaman is the third Democrat and sixth member of the Senate to decide to step aside at the end of their current terms.  The other retiring Senators are: Jim Webb (D-VA), Kay Bailey Hutchison (R-TX) and Joe Lieberman (I-CT).

UPCOMING WEBINAR:  FATCA: COMPLIANCE IN THE AMERICAS:  Join us on February 23rd, for a complimentary 90-minute webinar on the impact of the “Foreign Account Tax Compliance Act” (“FATCA”) in the Americas.  Developed for financial institutions that may not have fully evaluated the impact of FATCA, including in particular those in Latin America and the Caribbean, the webinar will explain the provisions of the law, discuss the initial guidance on the law provided by the US Treasury Department and Internal Revenue Service, and analyze the practical implications for foreign financial institutions, as well as the extensive preparations necessary in advance of the January 1, 2013 effective date.  For more information on the webinar or to register, please click here.

TAX BILLS INTRODUCED FEBRUARY 17TH:
1.  [112nd] H.R.755: To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions.
Sponsor: Rep Stark, Fortney Pete [CA-13] (introduced 2/17/2011)    Cosponsors (3)
Committees: House Ways and Means; House Foreign Affairs
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

2.  [112nd] H.R.772: To amend the Internal Revenue Code of 1986 to restore the credit lost by individuals resulting from the replacement of the Making Work Pay Credit with the employee payroll tax cut for 2011.
Sponsor: Rep DeLauro, Rosa L. [CT-3] (introduced 2/17/2011)    Cosponsors (9)
Committees: House Ways and Means
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3.  [112nd] H.R.777: To amend the Internal Revenue Code of 1986 to reduce the rate of tax on distilled spirits produced by small producers.
Sponsor: Rep Hinchey, Maurice D. [NY-22] (introduced 2/17/2011)    Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

4.  [112nd] H.R.781: To amend the Internal Revenue Code of 1986 to allow employers a credit against income tax for hiring veterans.
Sponsor: Rep McCotter, Thaddeus G. [MI-11] (introduced 2/17/2011)    Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

5.  [112nd] H.R.786: To amend the Internal Revenue Code of 1986 to exclude from gross income compensation received by employees consisting of qualified distributions of employer stock.
Sponsor: Rep Rohrabacher, Dana [CA-46] (introduced 2/17/2011)    Cosponsors (3)
Committees: House Ways and Means
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means. 

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
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