The accelerated course of the Republicans=E2=80=99 $1.4 trillion tax cut = bill, heralding some of the most sweeping changes for corporations in decad= es, has created ambiguities that could take years to iron out while the pro= cess to reconcile differences between the House and Senate versions of the = bill will leave nothing sacrosanct, including the cardinal 20 percent corpo= rate tax rate.

Monday, December 4, 2017

TOP NEWS

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09

Analysis

Tax Bill’s Swift P= assage May Create Legal Quandaries

The accelerated course of the Republicans’ $1.4 trillion tax cu= t bill, heralding some of the most sweeping changes for corporations in dec= ades, has created ambiguities that could take years to iron out while the p= rocess to reconcile differences between the House and Senate versions of th= e bill will leave nothing sacrosanct, including the cardinal 20 percent cor= porate tax rate. Read more »

=09=09=09=09 =09=09=09=09

Senate Passes $1.4 Trillion Ta= x Cut Legislation

The U.S. Senate passed an expansive tax cut bill early Saturday that = is projected to add more than $1 trillion to the deficit, after garnering e= nough support from faltering and fiscally conservative Republicans. Read more »

=09=09=09=09 =09=09=09=09

Tax Reform Holding = Up Regulatory Rollback, Official Says

Advising and preparing for tax reform has kept the U.S. Treasury Depa= rtment from proceeding on its plan to roll back IRS regulations, a Treasury= official said Friday. Read more »

=09=09=09=09 =09=09=09=09

Up Next At High Cou= rt: Gay Rights, Sports Bets And Tax Law

The U.S. Supreme Court reconvenes Monday for its final week of oral a= rguments of 2017, hearing the biggest LGBT rights case to come before the j= ustices since the Obergefell decision allowing same-sex marriage, as well a= s New Jersey’s challenge to the federal ban on sports betting and oth= ers. Read more »

=09=09=09=09 =09=09=09=09

IRS Needs Specific = Goals To Close $458B Tax Gap, GAO Says

The Internal Revenue Service needs to revive its approach of setting = long-term, quantitative goals to measure its efforts to close the $458 bill= ion gap between taxes owed and taxes paid, according to a U.S. Government A= ccountability Office report released Thursday. Read more »

=09=09=09=09 =09=09=09=09

The Laterals Audit: Tax Att= orney Moves In November

In this latest edition of the Laterals Audit, Orrick nabs its ninth p= artner in Europe over 18 months, Jones Day grabs a former DLA Piper trial l= awyer, Fasken Martineau adds two tax lawyers to its Montreal ranks, CohnRez= nick adds two new tax senior executives, and Anderson Kill adds a sharehold= er in New York. Read more »

FEDERAL

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Analysis

Rush To Pass Tax Refor= m Likely To Leave Years of Fixes

Tax practitioners have found ambiguities and apparent contradictions = in the Senate's Tax Cuts and Jobs Act, and expect to find scores more. Thes= e could set up a series of showdowns and negotiations between the Trump adm= inistration and Democrats. Read more »

=09=09=09=09 =09=09=09=09

Tax Bill Would Add = $1.2T To Deficit Despite Growth: Report

The Urban Brookings Tax Policy Center said Friday that when economic = growth is taken into account, the tax bill being considered by the Senate w= ould add some $1.2 trillion to the deficit over 10 years, casting further d= oubt on Republicans’ assertions that the tax cuts in the legislation = would pay for themselves. Read more »

=09=09=09=09 =09=09=09=09

Pfizer Tells 2nd Ci= rc. Feds Lack Immunity In $8.3M Tax Row

Pharmaceutical giant Pfizer Inc. argued to the Second Circuit Wednesd= ay that it had satisfied waivers of sovereign immunity against the federal = government in a dispute centered on the company’s claim for $8.3 mill= ion in interest it alleges is owed on taxes it overpaid. Read more »

STATE & LOCAL

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=09=09=09=09 =09=09=09=09

NYC Eases Commercial Rent = Tax For Small Businesses

New York City lawmakers on Thursday passed legislation that would exe= mpt certain small businesses in Manhattan from paying the borough's commerc= ial rent tax while reducing the tax for others. Read more »

INTERNATIONAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

United Biscuits Pen= sion Can't Recoup VAT On Fund Payments

A High Court judge has dismissed a legal bid by the trustee of a Brit= ish confectionery giant's pension fund to reclaim value-added tax from HM R= evenue & Customs that the trustee paid to investment managers for services = supplied to the scheme. Read more »

PEOPLE

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=09=09=09=09 =09=09=09=09

Taxation With Repre= sentation: Debevoise, Clifford, Sullivan

In this week’s Taxation with Representation, Meredith Corp. acq= uired Time Inc. for $2.8 billion, Thoma Bravo picked up Barracuda for $1.6 = billion, Cerberus snapped up BBVA’s real estate business for $4.74 bi= llion and Altran shelled out $2 billion for Aricent. Read more »

EXPERT ANALYSIS

=09=09=09=09=09=09=09=09=09= =09

=09=09=09=09 =09=09=09=09

FERC Passive Interest Or= der May Streamline Approvals

The Federal Energy Regulatory Commission recently clarified that it w= ill not treat certain passive tax equity interests in public utilities as v= oting securities that require transaction approval pursuant to the Federal = Power Act. But firms may continue to file for approval out of an abundance = of caution, say attorneys with Bracewell LLP. Read more »

=09=09=09=09 =09=09=09=09

Congressional Forecast: December

Members of Congress face a daunting to-do list in the final weeks of = 2017. While some believe a looming deadline will help get things done, ther= e is worry on Capitol Hill that the legislative pileup and long-simmering p= artisan battles on major budget and policy issues have created a prime oppo= rtunity for political brinkmanship to paralyze the high-stakes negotiations= , say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP. R= ead more »

LEGAL INDUSTRY

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09=09

Analysis

Flynn Legal Team Stocke= d With Washington 'Dealmakers'

The trio of Washington, D.C., veterans who guided former National Se= curity Adviser Michael Flynn to a plea deal include an outspoken political = lawyer who created ad campaigns for the Russian government after the breaku= p of the Soviet Union, a former corruption prosecutor and an attorney with = a White House resume. Read more »

=09=09=09=09=09 =09=09=09=09=09

Former Paul Weiss A= tty Gets 5 Years On Child Porn Charge

A former Paul Weiss Rifkind Wharton & Garrison LLP staff attorne= y was sentenced in Virginia federal court on Friday to five years in prison= for distributing videos of child sexual abuse, according to the U.S. Attor= ney’s Office — a lighter sentence than recommended by prosecuto= rs. Read more »

=09=09=09=09=09 =09=09=09=09=09

Clifford Chance, Pa= rtner Fined £100K In Excalibur Debacle

U.K. magic circle member Clifford Chance and a partner will have to = pay £100,000 in fines for an “unlawful and unenforceable” = fee agreement in a spectacularly flawed $1.6 billion suit against U.S. ener= gy companies, a legal regulator announced Friday. Read more &= raquo;

=09=09=09=09=09 =09=09=09=09=09

Fried Frank, Davis = Polk Latest To Match Cravath Bonuses

Fried Frank Harris Shriver & Jacobson LLP and Davis Polk &a= mp; Wardwell LLP have joined the growing roster of firms to match the year-= end associate bonuses, offering paydays ranging from $15,000 to $100,000 an= d higher, based on a scale established years ago and maintained this week b= y Cravath Swaine & Moore LLP. Read more »

=09=09=09=09=09 =09=09=09=09=09

Trump’s Pick For Ca= lif. US Atty Made $5.7M At Orrick

President Donald Trump’s nominee for U.S. attorney in Californ= ia’s Eastern District, who would be serving in that role for the seco= nd time, earned more than $5.7 million in distribution and bonuses since 20= 15 as an Orrick Herrington & Sutcliffe LLP partner, he said in recently= published filings. Read more »

=09=09=09=09=09 =09=09=09=09=09

New Docs Dispute 'N= ot Qualified' Rating For 8th Circ. Pick

In documents Eighth Circuit nominee L. Steven Grasz has provide= d to the Senate Judiciary Committee, the Husch Blackwell LLP senior counsel= denies he ever violated a state statute in a Nebraska judicial selection p= rocess, a claim made at a hearing last month by the American Bar Associatio= n, which also deemed Grasz "not qualified" for the post. Read more »

=09=09=09=09=09 =09=09=09=09=09

Latham & Watkins Sues S= ite Scamming Would-Be Employees

Latham & Watkins LLP on Thursday filed suit in Virginia federal = court against a website it said purports to hire people to work at Latham f= rom home, tricking them into fronting the money to buy office equipment or = pay for training materials, then reimbursing them with fraudulent checks. <= nobr>Read more »

=09=09=09=09=09 =09=09=09=09=09

Diversity Statement= Not Optional, Ontario Law Group Says

A bid to create a “conscientious objector” exemption to = a controversial new rule requiring Ontario lawyers to declare their commitm= ent to diversity was defeated Friday. Read more »

=09=09=09=09=09 =09=09=09=09=09

GC Cheat Sheet: The Ho= ttest Corporate News Of The Week

Wisconsin Democratic Sen. Tammy Baldwin placed a hold on two nominee= s for the U.S. Securities and Exchange Commission, experts shared their tip= s for handling workplace investigations, and Petco’s general counsel = spoke with Law360 about the retailer’s first full-service in-store ve= terinary hospital. These are some of the top stories in corporate legal new= s you may have missed last week. Read more »

=09=09=09=09=09

Podcast

Law360's Pro Say: Game Of Th= rones On The Potomac =3D"Law360

On the latest episode of Law360's Pro Say podcast, the team discusse= s the chaotic battle over leadership of the Consumer Financial Protection B= ureau. We also tackle hidden evidence that delayed the start of the Waymo-U= ber trade secrets trial, the Supreme Court hearing a case that could u= ndo the federal ban on sports gambling, and Texas Justice Willett's life-sa= ving move. Read more »

=09=09=09=09=09 =09=09=09=09=09

In Case You Missed= It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stori= es and expert analyses that generated the most buzz on Law360 last week. Read more »

JOBS
Search full listings or advertise your job opening=09=09=09

Listen to our new p= odcast here

LAW FIRMS

Cadwalader Wickersham

COMPANIES

Alliance Defending = Freedom

America's= Health Insurance Plans

American Bar Associ= ation

American Gaming As= sociation

American Hospita= l Association

American Medi= cal Association Inc.

Banco Bilba= o Vizcaya Argentaria SA

Berkeley Research Grou= p

BlackRobe Capit= al Partners LLC

Blaqwell Inc.

Bombardier Inc.

CVS Caremark Corpor= ation

Cerberus Capita= l Management LP

Credit Suisse Group AG<= /a>

Cushman & Wakefield = Inc.

Deloitte Touche

Deutsche Bank AG

Eli Lilly and Company

Ernst & Young

Goldman Sachs Group In= c.

Google Inc.

HBR Consulting LLC

KKR Financial Holdi= ngs LLC

KPMG International

Kentucky Derby

Major League Baseba= ll Inc.

NFL Enterprises LLC

National Baske= tball Association

Natio= nal Collegiate Athletic Association

Na= tional Federation of Independent Business

National Hockey League<= /a>

Ocwen Financial Co= rporation

Oil States Intern= ational Inc.

Petco Animal Suppli= es Inc.

Pfizer Inc.

Platinum Partners LP<= /p>

PricewaterhouseCoopers<= /a>

Procter & Gamble Co.=

Public Broadcastin= g Service

Uber Technologies Inc.

Wal-Mart Stores Inc.

Weber Shandwick = Worldwide Inc.

GOVERNMENT = AGENCIES

Centers = for Medicare & Medicaid Services

Congressional Budge= t Office

Congressional Re= search Service

Consumer F= inancial Protection Bureau

Equal E= mployment Opportunity Commission

European Union

Executive Off= ice of the President

Federal Bureau = of Investigation

Federal En= ergy Regulatory Commission

Government Acc= ountability Office

Internal Revenue Servi= ce

National Labor R= elations Board

Securities a= nd Exchange Commission

Solicitors Regu= lation Authority

U.S. A= gency for International Development

U.S. Attorney's Offic= e

U.S. Department of = Defense

U.S. Department of = Justice

U.S. House of Repr= esentatives

U.S. Patent and= Trademark Office

U.S. Senate

U.S. Sentencing Com= mission

U.S. Supreme Court

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