Return-Path: Received: from vps.transocean.com by vps.transocean.com with LMTP id sPPjCbguV1pkSQAAInt2oQ ; Thu, 11 Jan 2018 01:30:32 -0800 Return-path: Envelope-to: bruce@transocean.com Delivery-date: Thu, 11 Jan 2018 01:30:32 -0800 Received: from o4.mailings-q.law360.com ([167.89.1.233]:58442) by vps.transocean.com with esmtps (TLSv1.2:ECDHE-RSA-AES128-GCM-SHA256:128) (Exim 4.89_1) (envelope-from ) id 1eZZBo-0004wM-Dq for bruce@transocean.com; Thu, 11 Jan 2018 01:30:32 -0800 DKIM-Signature: v=1; a=rsa-sha1; c=relaxed/relaxed; d=law360.com; h=from:to:subject:mime-version:content-type:content-transfer-encoding; s=s1; bh=P6f2FleOChwYsc9TNPawcoTYliE=; b=oAKg9lg3IzCKxASoLRx59gN k5qID6WZjpBwdIMTCO4f/s0FuqCEiUGBd6aZrMCQUa7oRvUeqCjjfQwfG8oO3r+J BcDaH1JYx3UUNtE3H7r674p9ftL5zaLrYRTJ0QP5JyoS/ZBfhNqXMn4xplnIqcKu Fe6H8rP8/370+f0fEGo8= Received: by filter0531p1iad2.sendgrid.net with SMTP id filter0531p1iad2-9748-5A572E87-8 2018-01-11 09:29:43.337560788 +0000 UTC Received: from www.law360.com (ec2-54-84-241-164.compute-1.amazonaws.com [54.84.241.164]) by ismtpd0008p1iad2.sendgrid.net (SG) with ESMTP id JGEJ8tgvRtGPEdrqPG_DSg for ; Thu, 11 Jan 2018 09:29:43.266 +0000 (UTC) Date: Thu, 11 Jan 2018 09:29:43 +0000 (UTC) From: Tax Law360 To: bruce@transocean.com Message-ID: <5a572e86d4b7a_7a9a2aee9d116f506184e8@ip-172-30-200-51.mail> Subject: Clarity Needed As New Partnership Tax Regime Takes Effect Mime-Version: 1.0 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: 7bit X-SG-EID: Opio7iv9VGQ4tDJiJszIh3zd7qYkeM6M7FLocQY/BAWTHwtQouON/BcZY7GJoRNu6JYeygyIddZLIv +KyzWeK7AxMKlV3B6A1BFzQjVyQ/YnFm5QfZTU4O//xErCHprgrI19XzLgC4FKInALOolsq71HiVig 3PE9WtaHOBmZ3bPqiEpNeYp3cMT08twzLlbinKezQCT3sJ7KXidVWg8ZkA== X-Spam-Status: No, score=0.0 X-Spam-Score: 0 X-Spam-Bar: / X-Ham-Report: Spam detection software, running on the system "vps.transocean.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: New partnership tax audit rules took effect at the beginning of the year, but some tax professionals still are seeking guidance from the IRS on how to treat items such as capital accounts and basis adjustments as well as on the authority of partnership representatives. TAX [...] Content analysis details: (0.0 points, 3.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URIs: law360.com] -0.0 RCVD_IN_MSPIKE_H3 RBL: Good reputation (+3) [167.89.1.233 listed in wl.mailspike.net] 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) -0.0 T_RP_MATCHES_RCVD Envelope sender domain matches handover relay domain 0.7 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message -1.9 BAYES_00 BODY: Bayes spam probability is 0 to 1% [score: 0.0003] 0.0 HTML_FONT_LOW_CONTRAST BODY: HTML font color similar or identical to background 1.1 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.0 RCVD_IN_MSPIKE_WL Mailspike good senders 0.0 T_DKIM_INVALID DKIM-Signature header exists but is not valid 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO
New partnership tax audit rules took effect at the beginning of the year, but some tax professionals still are seeking guidance from the IRS on how to treat items such as capital accounts and basis adjustments as well as on the authority of partnership representatives.
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TOP NEWS

Analysis

Clarity Needed As New Partnership Tax Regime Takes Effect

New partnership tax audit rules took effect at the beginning of the year, but some tax professionals still are seeking guidance from the IRS on how to treat items such as capital accounts and basis adjustments as well as on the authority of partnership representatives. Read more »

IRS Says It Will Need $495M To Enact New Tax Law

The Internal Revenue Service will need $495 million to implement the newly enacted tax cut legislation, even as it continues to reel from more than $1 billion in budget cuts since 2010, according to a report on Wednesday from the national taxpayer advocate. Read more »

Legal Landscape Conducive To Challenge IRS Regs: Panel

Challenging temporary tax regulations may be much easier in the wake of several recent court decisions, but the potential for a dissenting view from the Fifth Circuit could force the U.S. Supreme Court to settle the issue, tax practitioners said Wednesday. Read more »

Reps In High-Tax States NY, NJ Keep Fighting SALT Cap

Lawmakers in New Jersey and New York, still deeply unhappy about the cap on deductions of state and local taxes included in the new tax reform law, are continuing to fight back. Read more »

Tax Cut Bill Already A Boon For Biz, Says US Chamber Head

U.S. Chamber of Commerce President Thomas Donohue, head of the nation’s largest lobbying outfit in terms of dollars spent annually, on Wednesday said he expected the Republicans’ recently passed tax cut legislation would lead to new growth and that businesses were already feeling the law’s positive effects. Read more »

FEDERAL

Facebook, Feds Narrow Dispute Over IRS Summonses

Facebook Inc. and the U.S. government have resolved some disagreements over seven summonses from the Internal Revenue Service seeking information on how the social media giant transfers rights from its worldwide business through Facebook Ireland, according to a court filing Tuesday. Read more »

Illinois Rep. Joins House Ways And Means Committee

The House Ways and Means Committee announced the appointment of Rep. Darin LaHood, R-Ill., on Tuesday, whom the committee's chairman called a "champion of pro-growth policies." Read more »

STATE & LOCAL

Analysis

Pa.’s Casino Expansion: 3 Legal Battlefields To Watch

Pennsylvania’s recently enacted plan to authorize 10 new casinos to shore up the state’s troubled finances has already sparked a string of lawsuits challenging the measure, cases that gambling industry stakeholders will be watching as the licensing process for the new facilities steams forward. Read more »

Properties Take Key West Stormwater Fee Suit To Fla. Justices

Three properties have petitioned the Florida Supreme Court to retry a decision allowing the city of Key West to impose a stormwater utility fee even though the properties are on another island and benefit minimally from the stormwater system. Read more »

Fantasy Sports Drove $3M In Taxes To NY In 2017, Group Says

The chairman of the Fantasy Sports Trade Association told New York lawmakers at a hearing on Wednesday that 15 fantasy sports operators in the Empire State brought in more than $3 million of tax revenue in 2017, and operators made more than $20 million in revenue. Read more »

States Press FERC To Pass Tax Savings To Utility Customers

The attorneys general for New York, Texas, California and other states on Wednesday joined several state agencies and consumer advocates in asking that the Federal Energy Regulatory Commission take action to make sure that public utility companies pass on to customers the savings afforded by the newly passed federal tax bill. Read more »

INTERNATIONAL

Investment-Boosting Tax Policies Urged For EU States

While several European Union countries have continued the bloc’s trend of lowering corporate tax rates, member states also need to focus on other tax incentives to create a coherent framework for investment, according to a recent report. Read more »

EXPERT ANALYSIS

6 Roles To Embrace In An Evolving Legal Industry

Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ. Read more »

LEGAL INDUSTRY

Analysis

Fight Harassment In Fed Court With Ombudsman: Advocates

With federal courts set to look at ways to encourage clerks to report bad workplace behavior by their powerful bosses, legal industry advocates are calling for a new oversight position to put teeth in a likely revamp of the courts’ sexual harassment policy. Read more »

Firm Leaders Have Modest Hopes For 2018, Citi Finds

Law firm managers say the first half of 2018 is looking just slightly rosier than the six months that preceded it, despite a marginal dip in confidence that the U.S. economy will improve, according to a new survey released Wednesday by Citi Private Bank. Read more »

Trump Atty Sues BuzzFeed, Fusion GPS Over Russia Dossier

A personal attorney for President Donald Trump filed two defamation lawsuits Tuesday against BuzzFeed and the intelligence firm Fusion GPS over the publication of research into Trump’s ties to Russia, which included allegations concerning the attorney, Michael Cohen. Read more »

Trump 5th Circ. Pick Defends Harassment, Katrina Rulings

The Louisiana federal judge nominated by President Donald Trump for a Fifth Circuit vacancy defended his handling of cases on the bench before a Senate panel on Wednesday, pushing back on questions about decisions he made on workplace sexual harassment and police shootings after Hurricane Katrina. Read more »

Trump Gets Second Tenn. Judge Confirmed

The Senate confirmed Thomas Parker, a shareholder at Baker Donelson Bearman Caldwell & Berkowitz PC, for the Western District of Tennessee Wednesday, filling the second of four vacancies in the state. Read more »

Surveys, Series & More: Law360's 2018 Editorial Calendar

From the Law360 400, our annual headcount survey of U.S.-based law firms, to Practice Groups of the Year, use this guide for everything you need to know about Law360's surveys, rankings and series for 2018. Read more »

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