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Wednesday, December 20, 2017

TOP NEWS

GOP Tax Cut Bill Nears Finish Line After Senate Passage

The Republicans' expansive $1.5 trillion tax cut bill cleared its penultimate hurdle in Congress early Wednesday and appeared to be mere hours away from being sent to the president's desk after the Senate approved the legislation by a simple majority vote. Read more »

EU Shines A Light On Owners Of Firms Dealing In Dirty Money

Nine rounds of negotiations among the European Council, European Commission and European Parliament have culminated in an agreement allowing the public to hold beneficial owners of companies accountable for EU tax evasion and money laundering. Read more »

IRS Can't Collect $37.6M In Preparer Fees During Appeal

More than a million tax preparers will have a little more jingle in their pockets this holiday season after the IRS failed on Monday to convince a skeptical D.C. federal court judge to let the agency collect $37.6 million in preparer fees while it appeals the court’s June order striking down the fees. Read more »

UK Tax Authority Unveils Agenda Against Tax Avoidance

The U.K. tax authority has staked out its agenda to curb tax avoidance, including a plan to support the British government’s effort to criminalize companies’ failure to adopt anti-evasion measures, and possibly to make multinationals’ reported finances available to the public. Read more »

MVP: Sullivan & Cromwell's Ronald Creamer

Sullivan & Cromwell LLP’s Ronald E. Creamer Jr., who leads the firm’s tax group as well as its mergers and acquisitions practice, played a key role in Enbridge Inc.’s merger with Spectra Energy Corp. in an all-stock deal valued at roughly $28 billion, helping land him a spot as one of Law360’s 2017 Tax MVPs. Read more »

FEDERAL

House Must Vote Again On Final GOP Tax Bill

The U.S. House of Representatives is expected to cast a second vote on the nearly $1.5 trillion Republican tax cut bill after the Senate parliamentarian ruled Tuesday that provisions in the bill violate procedures to pass the measure in the Senate with a simple majority. Read more »

STATE & LOCAL

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

From California enacting one of the nation’s biggest tax regime changes in decades to Illinois and Kansas raising taxes after voting to override a governor’s veto, 2017 was a busy year for state and local tax legislation. Read more »

Use Tax Expansion Could Raise $13.4B For States, GAO Says

State and local governments across the nation will miss out on between $8.5 billion and $13.4 billion in revenue this year because they do not have the authority to require use tax collection from remote sellers without nexus in their jurisdictions, according to a report from the Government Accountability Office. Read more »

Californians Target Property Tax 'Loophole' In Initiative

A ballot initiative was proposed in California that would close a so-called loophole for those paying industrial property taxes, so that schools would have better funding. Read more »

Pass-Through Deduction Affects Few States, Analysis Finds

Only a few states would need to worry about losing revenue from a new deduction for pass-through businesses in the federal tax bill, according to an analysis released Tuesday by the Tax Foundation. Read more »

INTERNATIONAL

Lehman Administrators Must Pay UK Tax On £5B Debts

Administrators for the European trading arm of Lehman Brothers must pay tax to HM Revenue & Customs on £5 billion ($6.7 billion) of statutory interest accrued on debts owed to creditors after the U.S. investment bank went into administration, the U.K. Court of Appeal ruled Tuesday. Read more »

EXPERT ANALYSIS

Understanding The Tax Bill's Impact On Businesses

The final language of the Tax Cuts and Jobs Act, which passed in the U.S. House on Tuesday and is scheduled for Senate consideration on Wednesday, has many provisions related to taxation of businesses that will profoundly affect how taxpayers carry out their business and nonbusiness activity, says Steven Klein of Sher Garner Cahill Richter Klein & Hilbert LLC. Read more »

Roundup

My Strangest Day In Court

Every seasoned litigator has his or her fair share of courtroom stories. Check out the strange experiences that captured reader interest in this popular 2017 series. Read more »

LEGAL INDUSTRY

Analysis

How Clients Are Sharing Info On Law Firm Performance

Many corporate legal departments still use word-of-mouth as their primary method of finding the best law firms to represent them, but a few pioneers are stepping outside the box and looking for new ways to bring law firm performance data into the future. Read more »

In Kozinski Fallout, Law Clerks Urged To Report Misconduct

The Federal Judicial Center amended a law clerk handbook Monday to clarify that confidentiality protocols do not prevent clerks from reporting harassment, in the wake of the sexual harassment scandal surrounding now-retired Ninth Circuit Judge Alex Kozinski. Read more »

More BigLaw Firms Seeing Data Breaches

More lawyers are reporting firm data breaches, and while unauthorized access to client data is slightly down, BigLaw firms have been hit the hardest in this area, according to the American Bar Association’s latest technology report. Read more »

Senators Mull Rule Change To Speed Trump Confirmations

A key Senate panel debated sharply reducing the amount of time the Senate spends on judicial and other nominees Tuesday, potentially setting the stage to quickly confirm dozens of President Donald Trump's picks. Read more »

ABA Data Shows Noncompliant Law Schools Still Lagging

A number of law schools that have been found to be noncompliant with the American Bar Association’s rules regarding admissions standards have not significantly improved the credentials of their incoming classes in the past year, new data released by the ABA shows. Read more »

Fla. Bar Taps Vero Beach Atty As Next President-Elect

The Florida Bar announced Tuesday that Vero Beach attorney John M. Stewart will be the next president-elect designate of the bar and will helm the organization for the 2019-2020 year. Read more »

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