Monday, January 8, 2018

TOP NEWS

Analysis

Retired Tax Court Judge Leaves Legacy On Deference, Shams

Senior Judge Robert A. Wherry Jr. of the U.S. Tax Court retired Jan. 1 after serving nearly 15 years on the court, during which he authored major rulings touching on judicial deference to the IRS and abusive tax shelters. Read more »

DOJ's Pot Protocol Angers Governors And Lawmakers

Uncertainty surrounding the Department of Justice’s marijuana prosecution protocol released on Thursday has angered governors, riled lawmakers and upset cannabis dispensaries, all of which said federal overreach and a sporadic policy should not inhibit the growth of an estimated $10.8 billion annual industry. Read more »

SALT Cap Workarounds Face Big Hurdles, Report Says

The federal tax overhaul's $10,000 cap on state and local tax deductions has led high-tax states to devise strategies to work around the provision, but they may end up facing myriad legal, administrative and political hurdles, according to a Tax Foundation report released Friday. Read more »

2nd Circ. Won't Revive Ex-Sprint Execs' Suit Against IRS

The Second Circuit on Friday rejected claims from two former Sprint executives that the IRS and Ernst & Young had concealed evidence of an investigation into tax shelters, saying that the pair had failed to show any obligations owed to them had been breached. Read more »

FEDERAL

Analysis

Lawyers Head To JPMorgan Conference Eager To Spark Deals

The JPMorgan Healthcare Conference — an annual shindig in San Francisco that links capital-hungry biotech executives with bankers, lawyers and investors eager to do business — launches Monday under a more certain deals climate compared with recent years, lawyers say. Read more »

Grid Policy Delay Threatens Wind Tax Break, FERC Told

A clean energy developer on Thursday urged the Federal Energy Regulatory Commission to force Midcontinent Independent System Operator to fast-track a new grid hookup policy so wind projects can reap the federal production tax credit before it expires, saying the regional grid operator's foot-dragging could cost them billions of dollars. Read more »

GEICO Customers Seek Class Cert. In Car Tax Payment Suit

Litigation against the GEICO insurance company for failing to pay for sales tax and transfer fees when vehicles are totaled should proceed as a class action, attorneys for a car accident victim argued in a motion filed in a Florida federal court Thursday. Read more »

STATE & LOCAL

NJ Lawmakers Advance $5B Tax Break Bill To Lure Amazon

Two New Jersey legislative committees on Friday advanced a bill that would provide up to $5 billion in tax credits over a decade as part of a package designed to entice Amazon to locate its second U.S. headquarters in the Garden State, with lawmakers touting the potential job growth. Read more »

INTERNATIONAL

EU Urged Not To Create New Tax Rules For Digital Economy

Tax Executives Institute Inc. has warned the European Commission against creating tax policies specifically for the digital economy, saying that even if changes are meant to apply only to digital transactions, they ultimately will affect all businesses in the global marketplace. Read more »

UK Tax Agents Warned About ‘Highly Artificial’ Structures

British tax practitioners should not encourage “highly artificial” structures that are “contrary to the clear intention of Parliament,” according to updates issued Thursday by HM Revenue & Customs to its standard for agents. Read more »

PEOPLE

Taxation With Representation: Morgan, Mayer, Simpson

In this week’s Taxation With Representation, Dominion Energy buys utility company SCANA Corp. for $7.9 billion, Simpson Thacher guides steel manufacturer Gerdau SA’s $600 million sale of rebar and steel assets and an investor group spearheaded by Apollo Global Management and Varde Partners snags Fortress Investment Group’s $1.4 billion stake of consumer finance company OneMain Holdings Inc. Read more »

EXPERT ANALYSIS

Employers Must Note Major Tax Law Changes For 2018

The recently signed tax reform law will affect nearly every aspect of the American economy, and includes several changes to employee benefits and compensation arrangements. Employers must thoroughly review the law's updates to the tax treatment of stock options, compensation of top executives, retirement plan loans, IRA conversions and other activities, say attorneys with Akerman LLP. Read more »

Considerations For Financial Disclosures After Tax Reform

Based on guidance recently issued by the U.S. Securities and Exchange Commission, companies should consider their approach for disclosing the accounting impacts of the Tax Cuts and Jobs Act before filing their financial statements, say attorneys with Mayer Brown LLP. Read more »

LEGAL INDUSTRY

Analysis

How Firms Are Grooming The Next Appellate Stars

Client demands and market forces have created a shortage of oral arguments opportunities for developing new appellate lawyers. In a series of interviews with Law360, firms explain how they are dealing with the problem. Read more »

King & Spalding Moves To Sink Ex-Associate's Suit

King & Spalding LLP on Thursday asked a Manhattan federal judge to grant summary judgment in a dispute with a former attorney who has accused the firm of wrongful termination after he raised ethics concerns about two partners. Read more »

Legal Industry Ends 2017 On Upswing With 600 Jobs Added

The U.S. legal services sector finished 2017 with the addition of 600 new jobs, as the industry heads into the new year with approximately 2,000 more jobs than it had at this point in 2016, a report released Friday by the Bureau of Labor Statistics showed. Read more »

Analysis

Up Next At High Court: State Squabbles And Police Searches

The U.S. Supreme Court reconvenes Monday for its fourth oral argument session this term, kicking off 2018 with state-against-state cases from its "original jurisdiction" docket and a pair of Fourth Amendment questions that have befuddled lower courts. Here’s what’s to expect. Read more »

GC Cheat Sheet: The Hottest Corporate News Of The Week

Experts shared advice on ways GCs can help law firms become more diverse in 2018, as well as reasons to hire out your legal ops and ways to stave off workplace harassment this year. These are some of the stories in corporate legal news you may have missed this week. Read more »

Podcast

Law360's Pro Say: Dealing With Jurors In A Post-Facts World

On the latest episode of Law360's Pro Say podcast, the team discusses how to deal with jurors in a post-facts world, the DOJ's move to ramp up enforcement of federal marijuana laws, Paul Manafort's suit against the special counsel, and an insurance dispute derailed by a "frenzied" machete attack. Read more »

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, stories and expert analyses that generated the most buzz on Law360 last week. Read more »

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COMPANIES

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Airbnb Inc.

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Archrock Inc.

Bayer AG

Commercial Metals Company

Consilio LLC

Dominion Energy Inc.

Ernst & Young

Fortress Investment Group LLC

Microsoft Corporation

OneMain Holdings Inc.

GOVERNMENT AGENCIES

Army Corps of Engineers

Bureau of Labor Statistics

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European Union

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Food and Drug Administration

Internal Revenue Service

National Labor Relations Board

Securities and Exchange Commission

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