As the House and Senate prepare for two final votes this week on the Repu= blicans=E2=80=99 tax cut bill, here is a look at five key business tax chan= ges that were not in earlier versions of the proposed legislation, but are = now in the final draft and expected to be passed into law.

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Tuesday, December 19, 2017

TOP NEWS

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=09=09=09=09

Analysis

5 New Changes For Business= es In The Final Tax Bill

As the House and Senate prepare for two final votes this week on the = Republicans’ tax cut bill, here is a look at five key business tax ch= anges that were not in earlier versions of the proposed legislation, but ar= e now in the final draft and expected to be passed into law. Read more »

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

IRS Floats Tax Rule= s On Foreign Subsidiary Currency Gains

The IRS on Monday proposed rules governing the tax treatment of gains= and losses incurred by U.S. companies’ overseas subsidiaries on deal= s conducted in foreign currencies, and clarified whether hedging transactio= ns qualified for a tax exclusion. Read more »

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

Hatch Denies Lawmak= er Influenced Pass-Through Deduction

The pass-through deduction in the final tax reform bill was not ̶= 0;air-dropped” into the conference agreement and had no connection to= Sen. Bob Corker, R-Tenn., who decided to support the final version after v= oting against earlier versions, Sen. Orrin Hatch, R-Utah, wrote in a letter= Monday. Read more »

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

Top Federal Tax Regulation= s Of 2017: Year-In-Review

While the Republicans’ push to revamp tax laws has dominated mu= ch of the dialogue among observers in the tax arena this year, several sign= ificant tax rule changes took place affecting partnerships and the energy i= ndustry in particular. Read more »

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

EU Court Won't Let = US Intervene In Apple's $15B Tax Appeal

The European Union's General Court on Friday rejected a bid by the U.= S. to intervene in the appeal of the European Commission's decision that Ap= ple Inc. owes €13 billion ($15.5 billion) in taxes to Ireland, s= aying the U.S. hasn't produced evidence that repatriation of profits to the= U.S. is established. Read more »

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

MVP: Dakessian Law's Mardiros Dakessia= n

Dakessian Law Ltd. founding partner Mardiros “Marty” Dake= ssian makes his fourth appearance on the Law360 MVP list this year, thanks = to a 15-year personal income tax fight that saved a local entrepreneur $3 m= illion, as well as a $15 million win that cut a Fortune 500 food company's = tax bill in half. Read more »

FEDERAL

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9th Circ. Denies Fo= undation's Appeal Over Political Ad Tax

The Ninth Circuit on Friday affirmed a U.S. Tax Court ruling that a c= haritable foundation’s radio commercials were meant to influence Oreg= on voters instead of merely educating them, incurring $750,000 in excise ta= xes. Read more »

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

Different Analysts = See Different Outcomes From Tax Bill

Preliminary analyses by the Tax Foundation and the Tax Policy Center = showed that the majority of citizens will see increased tax refunds next ye= ar under the tax bill being considered in Congress, but disagree as to what= degree. Read more »

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

Manafort Allowed To Spend= Christmas In The Hamptons

A D.C. federal judge signed off Monday on indicted former Trump campa= ign manager Paul Manafort’s request to spend Christmas in the Hampton= s, although the judge complained about the “somewhat burdensome”= ; request that federal prosecutors did not challenge. Read more »

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

Gov't Asks For Quic= k Win On Couple’s $1.5M Tax Liability

The U.S. government asked a Virginia federal court on Monday to grant= it summary judgment against a husband and wife for over $1.5 million in ta= x liabilities from 2000, and sought to foreclose on the couple’s prop= erty to pay the bill. Read more »

STATE & LOCAL

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

=09=09=09=09

Analysis

Top State & Local Tax = Regulations Of 2017: Year-In-Review

While 2017 saw state revenue agencies regulate on a wide variety of t= opics, actions taken by a number of states to address market-based sourcing= and sales and use tax nexus rules stood out as the hottest regulatory issu= es in state and local tax. Read more »

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

Cuomo Calls Congress' Tax B= ill 'Economic Civil War'

New York Gov. Andrew Cuomo blasted the Republican tax bill Monday, sa= ying Democratic senators would be justified in forcing a government shutdow= n over the legislation and calling it an "economic dagger" through the hear= t of the Empire State. Read more »

INTERNATIONAL

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

=09=09=09=09

Analysis

Top International Tax Case= s Of 2017: Year-In-Review

The Internal Revenue Service saw some stinging losses this year in ca= ses challenging how it handled multinational companies, including a U.S. Ta= x Court ruling that sided with Amazon in a high-stakes transfer pricing dis= pute and another decision that ripped the agency for canceling advance pric= ing agreements with Eaton Corp. Read more »

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

EU Investigating Du= tch Tax Treatment Of Ikea Subsidiaries

The European Commission has launched an investigation into tax ruling= s granted to Ikea subsidiaries in the Netherlands that may have given the c= ompanies an unfair advantage in the country, the commission announced Monda= y. Read more »

EXPERT ANALYSIS

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

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

How 2 Devices And 1 Do= main Changed My Practice In 2017

The question I like to ask is not just what new technology is availab= le, but how can it improve the quality of my practice — and my life? = This year, the iPhone X, the Apple Watch Series 3 and a .LAW domain have pr= oven to be great investments, for both professional and personal reasons, s= ays attorney Paul Kiesel of Kiesel Law LLP. Read more »

LEGAL INDUSTRY

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

=09=09=09=09=09

Analysis

Kozinski Fall Carries = 'MeToo' Message For Judges, Clerks

It took barely a week for a wave of sexual harassment allegations to= sink Ninth Circuit Judge Alex Kozinski, but court watchers said his Monday= resignation should send ripples through the courts for years to come as cl= erks and staffers become more emboldened to complain about problematic judg= es. Read more »

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

Kozinski To Reti= re In Wake Of Sexual Misconduct Allegations

Judge Alex Kozinski, the veteran judge of the Ninth Circuit who is f= acing a judicial inquiry over accusations of inappropriate sexual behavior,= announced Monday that he is immediately retiring from the court. Read more »

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

2 BigLaw Firms Stray From Cravath Sc= ale

While most BigLaw firms have awarded year-end associate bonuses in l= ine with the scale set by Cravath Swaine & Moore LLP, a pair of firms r= ecently revealed that they would dole out paydays that either surpass or fa= ll behind the standard. Read more »

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

Clyde & Co Nabs Big= Piece Of Sedgwick Insurance Practice

U.K.-based global firm Clyde & Co will take in 15 insurance and = litigation partners from Sedgwick LLP at the beginning of next year, as the= San Francisco-based firm prepares to close its doors. Read mo= re »

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

President Donald Trump Lose= s Third Judge Nominee

President Donald Trump has lost a third court nominee this week afte= r D.C. District nominee Matthew Petersen withdrew his nomination, a White H= ouse official confirmed Monday. Read more »

=09=09=09=09=09

Analysis

15 Minutes With Lexmark's Genera= l Counsel

Brent Lambert, who took over as senior vice president, chief legal o= fficer and secretary of Lexmark over the summer, spoke with Law360 about th= e potential upcoming changes in the imaging market. Read more »

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