New complexities introduced into the tax code by the recently enacted tax= cut legislation, as well as a funding shortfall for the Internal Revenue S= ervice, could hamper the Republican party=E2=80=99s dream to shrink the rev= enue agency.

Friday, January 12, 2018

TOP NEWS

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Analysis

IRS Revamp Won't Be= Easy With New Tax Law's Complexities

New complexities introduced into the tax code by the recently enacted= tax cut legislation, as well as a funding shortfall for the Internal Reven= ue Service, could hamper the Republican party’s dream to shrink the r= evenue agency. Read more »

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Christie Signs B= ill To Attract Amazon HQ With $5B Tax Breaks

Outgoing New Jersey Gov. Chris Christie on Thursday signed into law a= measure to provide up to $5 billion in tax credits to entice Amazon to bui= ld its second U.S. headquarters in Newark, saying the project would mean th= ousands of jobs for state residents and bring economic growth to the region. Read more »

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Court Overturns Convict= ion Of LuxLeaks Whistleblower

The Luxembourg Court of Cassation on Thursday recognized the whistleb= lower status of Antoine Deltour, one of two former PricewaterhouseCoopers e= mployees who leaked to the press thousands of confidential documents disclo= sing corporate tax avoidance. Read more »

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Walmart Is Latest = Co. To Boost Pay In Response To Tax Bill

Doug McMillon, CEO of Wal-Mart Stores Inc., announced Thursday that t= he company will increase its starting pay rate to $11 for hourly workers be= ginning in February, expand paid parental leave allowances and provide a on= e-time bonus for some employees because of the new tax law. Read more »

FEDERAL

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Reader’s Dige= st Takes $2.1M Tax Refund Bid To 2nd Circ.

The publisher of Reader's Digest urged the Second Circuit on Wednesda= y to revive its bid to recover an alleged tax overpayment of more than $2.1= million, arguing that a New York federal court had interpreted the relevan= t refund statute too narrowly. Read more »

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NJ Atty Of Movie Fa= me Gets Home Confinement In Tax Case

A former prosecutor who was portrayed by Russell Crowe in the movie &= #8220;American Gangster” was sentenced to three years' probation, inc= luding 10 months of home confinement, for failure to pay taxes after a New = Jersey federal judge said Thursday that the suspended lawyer deserved lenie= ncy. Read more »

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Utah Co. Asks 10th = Circ. To Allow Foreign Currency Losses

A Utah company asked the Tenth Circuit on Wednesday to reverse a dist= rict court decision that supported the IRS’ disallowance of foreign c= urrency losses more than 14 years after its partnership returns were filed,= claiming the statute of limitations barred those adjustments. Read more »

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3rd Circ. Asked To = Affirm Biz Co-Founder's $1.9M Liability

The government asked the Third Circuit Court of Appeals Wednesday to = uphold a District of New Jersey decision imputing $1.94 million owed by a N= ew Jersey business in income and employment taxes to one of its founders. Read more »

STATE & LOCAL

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Analysis

States Evaluate G= ross Receipts Taxes To Boost Bottom Lines

Tight budgets and uncertain consequences from newly passed federal le= gislation are expected to spark renewed interest in gross receipts taxes th= is year, experts say, as cities and states struggle to find new ways to gro= w revenues. Read more »

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Vermont Bill Would Tax Cr= yptocurrency Transactions

A bill introduced this month in Vermont would create a $0.01 tax on d= igital currency transactions while exempting new digital currency companies= from a slew of current state taxes, making it one of the first bills of it= s type focused on taxing the exchange of the booming cryptocurrency market = amid growing regulatory scrutiny. Read more »

INTERNATIONAL

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Apple Europe To Pay= £137 Million To Settle UK Tax Claims

Apple Europe Ltd. has agreed to pay nearly £137 million ($185 mi= llion) to the U.K., settling tax claims covering "prior years up to Sept. 1= 6, 2015," according to a filing with the Companies House. Read more »

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Tax Reform Int'l Pr= ovisions Can Overlap, Specialists Say

Despite the White House’s promise of a simplified international= system, certain provisions of the new U.S. tax law can interact with each = other in ways that can lead to unexpected results for multinationals, Deloi= tte tax specialists said Wednesday. Read more »

EXPERT ANALYSIS

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6 E-Discovery Predictions For 2018

Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP= , discusses six ways e-discovery will continue to excite and confound in 20= 18. Read more »

LEGAL INDUSTRY

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Bannon Hires Quinn = Emanuel Atty For House Russia Probe

Former White House strategist Steve Bannon, who stepped down this we= ek from his role at Breitbart News after a public falling-out with Presiden= t Donald Trump, has hired Quinn Emanuel Urquhart & Sullivan LLP partner= Bill Burck to represent him as he prepares to testify before the House Int= elligence Committee investigating Russian interference in the 2016 election= . Read more »

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Analysis

How Outside Companies = Are Taking Over In-House Legal

A major technology company recently inked a deal that places the rei= ns of its entire in-house legal department largely in the hands of an alter= native legal services provider, an arrangement many say may be the wave of = the future. Read more »

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PE-Backed Interne= t Brands Absorbs Legal Services Biz Avvo

Avvo Inc., a popular provider of online legal referral services that= touts more than 300,000 attorneys as active users of its online platform, = has been purchased by private equity-backed website operator Internet Brand= s Inc., the companies said on Thursday. Read more »<= /a>

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Senate Panel Adv= ances Baker Botts Vet For Texas Judge Seat

The Senate Judiciary Committee advanced the nominations of one Texas= judicial nominee and President Donald Trump’s picks for U.S. attorne= y posts in Texas and Wisconsin to the full Senate on Thursday. Read more »

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Alston & Bird Vet OK’d For= Georgia Judgeship

The Senate confirmed two of President Donald Trump’s judicial = nominees Thursday, including Alston & Bird LLP partner Michael Brown fo= r the Northern District of Georgia and U.S. Magistrate Judge Walter Counts = III for the Western District of Texas. Read more »

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Law360's Weekly Verdict: Legal L= ions & Lambs

Sheppard Mullin snagged a spot atop this week's legal lions list, se= curing dismissal of a proposed class action against Starbucks over the amou= nt of foam in its coffee drinks, while K&L Gates ended up among the leg= al lambs after it failed to prevent tens of thousands of Walmart workers fr= om winning certification in labor litigation against the retail giant. R= ead more »

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Series

What I Learned In My 1st= Year: Read The Whole Thing

As a beginning associate at a large Philadelphia law firm, I was tas= ked to fill in case citations on a brief. I found something that looked lik= e exactly what I wanted for a particular legal proposition, but I did not b= other to read the entire case. That was a big mistake — and led to an= important lesson, says James Beck of Reed Smith LLP. Read more &= raquo;

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