Tuesday, January 23, 2018

TOP NEWS

Trump Signs Bill To Reopen Federal Government

President Donald Trump signed a bill to reopen the federal government on Monday, allowing spending through Feb. 8 after a standoff over the weekend. Read more »

California Dems Propose 10% State Tax On Corporate Income

California Democrats have presented a constitutional amendment to impose a 10 percent surcharge on corporations with more than $1 million in net income to the state Assembly, with the purpose of spreading the benefits of the federal corporate tax cut among California’s residents. Read more »

US Tax Law Will Boost Global Growth For Now, IMF Says

The global economy will see an uptick in 2018, in part due to slashed corporate rates under the recently passed U.S. tax overhaul, but political leaders and policymakers shouldn’t get too comfortable, according to a report released Monday by the International Monetary Fund. Read more »

IRS Gets Settlement With Conservative Group Approved

A District of Columbia federal judge on Sunday approved a settlement between the IRS and a conservative advocacy group over allegations that the government discriminated and used political bias to determine whether the group could receive tax-exempt status. Read more »

FEDERAL

Court Awards $1.6M To Paper Mill Seller In Tax Refund Fight

A federal court in Seattle on Friday awarded more than $1.6 million to Simpson Tacoma Kraft Co. in its dispute with WestRock CP LLC over ad valorem taxes on a paper mill property it sold to WestRock. Read more »

STATE & LOCAL

County Asks Fla. Supreme Court To Take Up Tax Fight

Escambia County asked the Florida Supreme Court on Monday to take up its appeal of an appellate ruling that said owners of condominium units in a Santa Rosa Island complex do not have to pay property taxes on the county-owned land underneath the condos that is leased to the condominium association. Read more »

INTERNATIONAL

Draft Int'l Disclosure Rules Too Burdensome, OECD Is Told

The Organization for Economic Cooperation and Development’s drafted rules requiring taxpayers to flag schemes suspected of skirting international reporting standards are too broad and burdensome for those tasked with detecting and disclosing such arrangements, stakeholders said. Read more »

EXPERT ANALYSIS

How Did Nonprofits Fare In Tax Reform?

The Tax Cuts and Jobs Act, P.L. 115-97, fundamentally impacts nonprofits and charities, as certain key provisions affect their operations, and tax incentives for potential contributors have changed, say attorneys at Morgan Lewis & Bockius LLP. Read more »

How The Climate Changed For Renewables In 2017

2017 ended, as it began, with much uncertainty for renewable energy, as the Trump administration continued to move against the Clean Power Plan. But key renewable energy objectives advanced at the state level, and tax reform left the production tax credit for wind energy and the investment tax credit for solar developers intact, says Brook Detterman of Beveridge & Diamond PC. Read more »

How To Control Data As Technology Complicates E-Discovery

While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC. Read more »

LEGAL INDUSTRY

Ex-Dentons Atty Charged In Extortion Plot Gets 5 Months

A former Dentons associate arrested on felony extortion charges for allegedly downloading confidential information from the firm and threatening to release it unless the firm paid $210,000 was sentenced by a California federal judge to five months in prison on Monday, months after agreeing to plead guilty to a misdemeanor. Read more »

Analysis

Sedgwick’s ‘Cautionary Tale’ For Other Firms

Sedgwick LLP formally closed its main office last week, leaving behind a scattered partnership stretching from London to California, as well as lingering questions about what could have been done differently. Read more »

Analysis

15 Minutes With The Jacksonville Jaguars' General Counsel

Cassie Sadowitz, general counsel of the Jacksonville Jaguars, speaks to Law360 about what life is like in the team's legal department as the NFL faces political controversies over national anthem protests, and how she approaches explaining complicated legal matters to nonlawyers within the franchise. Read more »

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