Daily Tax Update - January 10, 2013: President Obama Officially Nominates Lew as Treasury Secretary

PRESIDENT OBAMA OFFICIALLY NOMINATES LEW AS TREASURY SECRETARY:  Today, President Obama nominated White House Chief of Staff Jacob "Jack" Lew as the next Treasury Secretary.  In remarks today, Obama said, "I trust his judgment, I value his friendship, I know very few people with greater integrity than [Lew]."

  • Lew’s nomination must be confirmed by the Senate Finance Committee and full Senate.  In a statement issued today, Finance Chairman Max Baucus (D-MT) said, "Jack Lew has immense experience, and I look forward to a speedy but thorough nominations process.  We must ensure Treasury has the leadership it needs as we tackle our country’s pressing economic issues and work together to continue our recovery and create jobs."
  • Finance member Charles Grassley (R-IA) said, "I intend to reserve judgment on the nomination until the vetting process is completed.  The Finance Committee has a tradition of thoroughly vetting nominees, and the process works.  The Treasury Secretary has enormous powers in ordinary times and even greater responsibility in these troubled times, so the Finance Committee owes the American people all due care and diligence in considering this nomination."

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.