Tuesday, December 5, 2017

TOP NEWS

The House took a step toward arriving at a final tax bill Monday, setting up the process to reconcile the differences between the Senate-passed tax overhaul and the House's own bill passed last month. Read more »

4 Changes To The Senate Tax Bill You May Have Missed

In a rush to pass its $1.4 trillion tax cut bill early Saturday, the Senate made several last-minute changes to major provisions to win over holdouts, but it also included less-publicized changes affecting the tax treatment of Ninth Circuit lawyers, sports leagues and universities. Here are details on four under-the-radar changes that were made to the Senate tax bill. Read more »

Ireland, Apple Agree To Put $15B In Escrow For Tax Dispute

The Ireland Department of Finance announced it has reached an agreement with Apple Inc. to put nearly $15 billion in escrow while its dispute with the European Commission over alleged unpaid taxes proceeds through the courts. Read more »

Tax Pros See 'Panic' As New Partnership Audit Regs Loom

More time is needed to prepare for changes in federal partnership audit regulations that are set to take effect in four weeks, a conference of the nation’s leading tax professionals was told Monday. Read more »

Shareholder Attys Liable For Firm’s $1.3M Unremitted Tax

Former shareholders of a now-defunct law firm are personally liable for almost $1.3 million in unremitted withheld payroll taxes to the Internal Revenue Service, a judge in the Southern District of New York ruled on Monday. Read more »

FEDERAL

Analysis

Renewable Cos. Eye Damage Control As Tax Plan Advances

The tax bill passed by the U.S. Senate on Saturday ratchets up anxieties for a renewable energy sector already concerned by the tax legislation that cleared the House last month, setting the stage for clean energy advocates to push for major rewrites during the reconciliation process. Here's a review of the energy impacts of both bills, as well as a preview of what the biggest energy-related fights will be as lawmakers attempt to craft unified legislation. Read more »

7th Circ. Rejects Homeowners' Appeal Over Property Estimate

Two Illinois women who spearheaded a campaign against township employees trespassing on private property can't pursue constitutional claims against the county of Winnebago for an alleged unfair spike to their property assessment, a Seventh Circuit panel ruled Friday. Read more »

Dormant Commerce Clause Needs Clarification, Justices Told

Southern California Edison has asked the U.S. Supreme Court to weigh in on the meaning of "substantially similar entities" with respect to alleged dormant commerce clause violations, saying differing state court interpretations have led to a confused legal standard. Read more »

Federal Tax Bills 'Fraud,' May Be Illegal: Dem Governors

Two Democratic governors and a governor-elect, from three populous states that voted for Hillary Clinton in the 2016 presidential election, excoriated Republican tax bills that have passed the House and Senate, saying their residents would be “devastated” and hinting at legal action. Read more »

Ex-NBAer Pleads Guilty To Charges Tied To Charity Fraud

Former NBA player Kermit Alan Washington pled guilty in Missouri federal court Thursday to three charges stemming from allegations that he used donations from professional athletes intended to aid a medical clinic in Africa to pay rent and take vacations. Read more »

Ex-Fla. Congresswoman Gets 5 Years For Charity, Tax Scam

Former U.S. Rep. Corrine Brown was sentenced Monday in Jacksonville, Florida, to five years in federal prison for diverting money raised for a sham education charity and filing false tax returns. Read more »

7th Circ. Won't Rehear Fannie, Freddie's Chicago Tax Row

The Seventh Circuit on Monday refused to reconsider its October decision allowing local transfer taxes levied against mortgage backers Fannie Mae and Freddie Mac to go forward, reversing a district court decision deeming the taxes unconstitutional. Read more »

Mueller Cites Gag Order Plot In Manafort House Arrest Fight

Indicted Trump campaign manager Paul Manafort was ghostwriting an editorial about his Ukrainian lobbying work despite a judge's gag order barring statements to the media, Special Counsel Robert Mueller's office said in a Monday court filing seeking to keep Manafort on house arrest. Read more »

STATE & LOCAL

Tax Pros Think Supreme Court Won't Take On Quill

Hopes for long-sought clarity in the battle between states and retailers over the collection of sales taxes for online purchases will likely be dashed, a panel of experts said Monday, predicting the Supreme Court is not likely to grant petition of certiorari to hear South Dakota v. Wayfair. Read more »

INTERNATIONAL

9 Countries Fall Short In IP Regime Info Exchange: OECD

Nine countries have failed to identify and exchange certain information about the tax benefits they give to branches of multinational businesses related to income from intellectual property, according to a report from the Organization for Economic Cooperation and Development released Monday. Read more »

LEGAL INDUSTRY

Analysis

How To Tell If You're Dealing With Burnout

A general sense of malaise and unhappiness can set in when lawyers overextend themselves, are repeatedly bombarded with stressful situations, or fail to create a balance between work and the rest of their lives. Here, mental health professionals offer a guidebook for lawyers on how to identify whether that sense of dissatisfaction is actually burnout. Read more »

Akin, Ropes Offer Variations On Cravath Bonuses

Akin Gump Strauss Hauer & Feld LLP and Ropes & Gray LLP have each revealed that they will award year-end bonuses to U.S. associates with slight variations to the scale established by Cravath Swaine & Moore LLP, which has largely held sway over BigLaw firms since it was announced Nov. 28. Read more »

McGuireWoods Taps 1st African-American Chair In Its History

McGuireWoods LLP on Monday said litigator Jonathan P. Harmon will take over as chairman of the firm, succeeding a man who held the position for more than a decade and becoming the first African-American to hold the post in firm history. Read more »

Fox Rothschild, Duane Morris Partners Tapped For NJ Bench

A Fox Rothschild LLP labor and employment partner and a Duane Morris LLP litigation partner were among 19 attorneys tapped by Gov. Chris Christie for New Jersey judgeships, according to a Monday announcement from the governor’s office of appointments filed with the Secretary of State. Read more »

15 Minutes With The AMA's General Counsel

Brian D. Vandenberg took over as general counsel and senior vice president of the American Medical Association in February, bringing to the role a background in working for companies at the intersection of health and innovation. Read more »

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