Wednesday, January 24, 2018

TOP NEWS

Tax Bill Brought BigLaw Lobbyists' Year To Strong Close

Several BigLaw firms saw a boost to their lobbying revenues in the last three months of 2017 thanks largely to the year-end swirl of tax legislation activity, bringing a strong close to a similarly strong year, in which clients' lobbying needs were driven in part by the unpredictability of the new administration, firm principals said this week. Read more »

Trump Taps FTC Chief, 11 Others For Federal Bench

President Donald Trump on Tuesday tapped the acting chairman of the Federal Trade Commission to serve on the U.S. Court of Federal Claims, also naming partners from Bracewell LLP and Haynes and Boone LLP and other attorneys for 11 other federal judgeships across the country. Read more »

IRS OKs New Stock Value Calculations For Some Reorgs

The Internal Revenue Service on Tuesday gave its blessing to three alternate methods to determine the value of a corporation’s stock during a reorganization instead of requiring a reliance on the stock’s actual trading price on a given day. Read more »

Analysis

Lower Federal Taxes May Reduce State Tax Break In 6 States

Six states have the uncommon tax policy of allowing residents to deduct federal taxes paid from their state returns, which under federal tax reform could mean more revenue for states but higher taxes on some individuals. Read more »

EU Takes 8 Countries Off Tax Blacklist But Issues Warning

The European Union removed eight countries from its blacklist of tax havens Tuesday after the nations promised regulatory improvements, but officials warned they would be watching for continued progress. Read more »

J&J Hit With $13.6B Charge Under New Tax Law

Johnson & Johnson reported a net loss of $10.7 billion in its fourth-quarter earnings results on Tuesday, after estimating that it would incur a $13.6 billion tax liability as a result of the United States' recently passed federal tax legislation. Read more »

FEDERAL

Israeli Info Crucial To $163M Perrigo Tax Row, IRS Says

The U.S. asked a Michigan federal court on Monday to affirm its request to obtain court testimony from four employees who work at Israeli manufacturer Dexcel Pharma Technologies Ltd. in its fight against generic pharmaceutical giant Perrigo Co. PLC over more than $163 million in tax refunds. Read more »

Anadarko Blasts Motion To Ax Depositions In $25M Tax Suit

Anadarko Petroleum Corp. on Tuesday told a Texas federal court to deny the government's attempt to quell three deposition subpoenas in its $25 million tax refund lawsuit because they are relevant and it is too early to analyze whether any protective privileges apply. Read more »

STATE & LOCAL

Tax Pros Brace For 2nd Wave Of Tax Upheaval, From States

Exactly one month after the passage of the federal tax reform law, a panel of tax professionals said Tuesday they’re still finding pitfalls and discovering unforeseen implications of the new law, particularly in how it will impact states, individuals and business tax filers. Read more »

Ill. Homeowners Denied Class Cert. In Property Tax Sales Row

Statute-of-limitations issues undermined two homeowners’ claim to represent a class of plaintiffs in an alleged conspiracy by local officials to rig property tax sales, an Illinois federal judge ruled Tuesday. Read more »

INTERNATIONAL

Tax Anti-Abuse Rules Go Beyond Income Shifting, Experts Say

Anti-abuse provisions in the recently enacted U.S. tax reform legislation are likely to apply to transactions well beyond those involving income shifting through mobile intangible assets, according to practitioners on a webcast on Tuesday. Read more »

UK Tax Tribunal OKs 'Ring Fence' Profit Figures From Oil Cos.

Two oil companies aren't liable for nearly £6.9 million ($9.6 million) in additional tax for the way they calculated a supplementary charge called "ring fence profits" after the charge's rate increased 12 percent during 2011, a U.K. tax tribunal recently found. Read more »

Industry Groups Share Doubts About UK Royalty Tax Measure

The U.K. government’s upcoming measure to tax intracompany royalty payments made to low-tax jurisdictions does not necessarily offer a feasible or long-term solution to target digital multinational businesses that shift profits overseas, according to industry group comments released Monday. Read more »

EXPERT ANALYSIS

How IRS Is Targeting Offshore Accounts, Virtual Currency

Despite continuing Internal Revenue Service budget cuts and significant attrition among experienced special agents, the agency's Criminal Investigation Division is keeping the pressure on in the new year. More than ever, taxpayers with unreported assets, whether offshore or in the form of virtual currencies, are advised to take proactive steps, say attorneys with Ropes & Gray LLP. Read more »

TCJA's Opportunities And Challenges For Leveraged Finance

The Tax Cuts and Jobs Act introduced a host of changes that will immediately impact parties involved in leveraged finance transactions, including reduced tax rates for corporations and certain pass-through entities, new limits on deductibility of interest expenses, and a revised tax regime applicable to multinational groups. Attorneys with Latham & Watkins LLP deconstruct the key changes. Read more »

Lessons From President Trump's Failed Judicial Nominations

On Tuesday, the Trump administration announced 12 new judicial nominations. In the coming weeks, we will discover whether these candidates learned from the mistakes of the three judicial nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International and a former member of the White House vetting team during the Obama administration. Read more »

LEGAL INDUSTRY

Analysis

4 Ways GCs Can Prepare For Potential Worksite Raids

The worksite enforcements conducted at nearly 100 7-Eleven locations across the country earlier this month resulted in federal immigration officials arresting almost two dozen employees for being illegally present in the United States and conducting audits and interviews with store workers — and GCs may be left wondering how to prepare in case their companies are targeted in the same way. Here, Law360 identifies four ways companies and their legal counsel can prepare for a potential worksite enforcement. Read more »

Analysis

Ginsburg, Gorsuch Spar In Sleeper Case Over Suit Deadlines

Justices Ruth Bader Ginsburg and Neil Gorsuch traded jabs Monday in an otherwise low-profile Supreme Court case over lawsuit filing deadlines, with Justice Ginsburg's majority opinion dismissing the "history lesson" on a common law doctrine that Justice Gorsuch gives in his passionate dissent. Read more »

Gorsuch Says Tech Advancements Will Test High Court

The U.S. Supreme Court's biggest challenge over the next decade will be reconciling the centuries-old Constitution with new frontiers in law arising from changing technology, Justice Neil Gorsuch, a strict adherent to what he called the "old document,” told college students in New Jersey on Tuesday. Read more »

Ex-Winston Partner Fights Order To Arbitrate Bias Case

A former Winston & Strawn LLP intellectual property partner has asked a California appeals court to undo a decision to force her gender discrimination suit into arbitration, arguing that arbitration rules are not cut out for employment disputes. Read more »

Trailblazing 7th Circ. Judge Ann Williams To Join Jones Day

Retired Seventh Circuit Judge Ann Claire Williams will join Jones Day to lead the firm’s efforts advancing the rule of law in Africa and bolster its trial and appellate practices after a trailblazing career in which she became the first woman to sit on that appeals court, the firm said Tuesday. Read more »

Troutman Sanders To Exit Asia With 3 Office Closures

Troutman Sanders LLP revealed Tuesday that it plans to close its outposts in Beijing, Shanghai and Hong Kong effective May 31, trimming the firm to 13 domestic offices. Read more »

Series

My Supreme Court Debut: Just Me And My Flash Cards

I had not expected to be in the U.S. Supreme Court on March 22, 2016. To me, our opponent's petition seemed quite like a long shot. But clearly I had underestimated the appeal of their argument, says Matthew McGill of Gibson Dunn & Crutcher LLP. Read more »

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