Thursday, December 7, 2017

TOP NEWS

Senate Sets Stage To Work Out Tax Differences With House

The U.S. Senate started the process of negotiating a final tax bill Wednesday, voting to set up a committee to iron out differences between the Senate-passed tax overhaul and the House's own bill passed last month. Read more »

High Court Debate On Tax Obstruction Focuses On Intent

Opposing attorneys for the federal government and a convicted tax dodger each tried to sway U.S. Supreme Court justices on Wednesday to their own interpretations of a statute criminalizing the obstruction of federal tax laws, with the debate largely focusing on taxpayer intent to make the IRS’ job harder. Read more »

Analysis

Miami Could Attract Hedge Funds If SALT Deductions Axed

For years, inertia has been Nitin Motwani’s greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he’s sensing an opportunity to finally overcome it. Read more »

Tax Bills Ax Most Valuable SALT Deductions, Study Shows

While both the House and Senate versions of tax reform legislation now include up to $10,000 of property tax relief, a new study Tuesday showed that the loss of write-offs for state income and sales taxes is going to have a larger impact. Read more »

2nd Circ. Asks NY Justices To Weigh In On Card Fee Law

The Second Circuit asked the New York Court of Appeals on Wednesday to determine whether a seller who posts the total dollar cost of goods charged to credit card users complies with a New York statute prohibiting sellers from imposing a surcharge related to credit card fees. Read more »

'Jersey Shore' Star Aims To Delay Trial Over Tax Claims

Counsel for “Jersey Shore” star Michael “The Situation” Sorrentino urged a New Jersey federal court Wednesday to postpone by a few months the upcoming trial of the reality TV personality and his brother on tax-related charges, citing scheduling conflicts with other trials. Read more »

FEDERAL

Analysis

Tax Plans, Tariffs Cast Late Pall On Energy Finance In 2017

Energy developers and investors found new types of projects to fund as well as new ways to fund them in 2017, but the recent prospect of major U.S. tax law changes and tariffs on imported solar panels has injected fresh uncertainty into project development. Here, attorneys identify five energy project finance trends that stood out this year. Read more »

Federal Workers Shorted By W.Va. Tax Law, High Court Told

A decision by West Virginia’s highest court upholding a state tax law that disadvantages federal law enforcement retirees by treating them differently from state law enforcement retirees regarding benefits is an ideal vehicle for the U.S. Supreme Court to provide needed guidance on the doctrine of intergovernmental tax immunity, a retired U.S. marshal said Tuesday. Read more »

Bahamian Order Does Not Bar US Asset Seizure, Court Says

A Pennsylvania federal court on Tuesday denied an investment company’s motion that asked the court to apply a Bahamian court decision to prevent the U.S. from seizing its assets, saying the company failed to prove the substance of Bahamian law and the Bahamian Supreme Court did not have jurisdiction over the U.S. Read more »

Manafort Asked Why Ghostwriting Didn't Flout Gag Order

A D.C. federal judge has given indicted former Trump campaign manager Paul Manafort until Thursday to show that he did not violate her media gag order by ghostwriting an op-ed about his Ukrainian lobbying work, which prosecutors uncovered last week. Read more »

SEC Closes The Book On Sam Wyly Case With $198M Paid

A Texas federal judge closed out the U.S. Securities and Exchange Commission’s long battle with investor Sam Wyly and his family on Tuesday, releasing them from an asset freeze in the wake of the full payment of a $198 million settlement. Read more »

STATE & LOCAL

Ohio Justices Exempt Packaging Co. From $3.2M Use Tax

The Ohio Supreme Court affirmed a lower-court decision Wednesday to dismiss a $3.2 million use tax assessment on a company that hired temporary employees to assemble and package gift sets of soaps, lotions and other toiletry items. Read more »

Pa. Rep Wants To Preempt Philly's Sweetened Beverage Tax

A Pennsylvania Republican state representative on Wednesday announced plans to introduce legislation that would preempt Philadelphia's sweetened beverage tax, which went into effect in January and is being challenged in the state’s courts. Read more »

EXPERT ANALYSIS

A Closer Look At Disaster Relief Guidance For Health Plans

Not only have recent natural disasters caused massive human tragedy, but also significant disruptions to employer-sponsored health and welfare plans in the affected regions. In response, federal regulatory agencies have issued guidance to provide relief to employers on plan-related deadlines and to address issues faced by impacted employers and employees, says Gisue Mehdi of Trucker Huss APC. Read more »

LEGAL INDUSTRY

Judge Rules Del. Political Bench Balance Unconstitutional

A federal magistrate judge ruled Wednesday in favor of a Delaware man who argued that the state’s requirement for political party balance on its judicial benches violated the U.S. Constitution, finding that judges don’t fall under policymaker exceptions to prohibitions against political tests for government employment. Read more »

Morgan Lewis Says Ex-Client Suing For $30M Waived Conflicts

Morgan Lewis & Bockius LLP argued in a filing docketed Tuesday that a former client suing the firm in Pennsylvania state court for $30 million over an alleged betrayal had twice waived any conflicts stemming from the firm’s representation of potential adversaries. Read more »

Texas Justices Told Free Speech Law Beats Atty Fraud Claims

Counsel for an attorney who is aiming to use a Texas free speech law as grounds to dismiss fraud claims brought against him by a former court opponent told the Texas Supreme Court in oral arguments Wednesday that the conduct at the heart of the complaint “arose from a judicial proceeding,” and therefore the suit must be tossed under the law. Read more »

Legal Tech Download: In-House Overhaul & Allegory Buy

The world of legal technology is quickly evolving, with new products coming to market in rapid succession. Here, Law360 takes a look at seven major recent developments. Read more »

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