Thursday, January 25, 2018

TOP NEWS

Amazon To Give Massachusetts 3rd-Party Seller Tax Data

Online retail giant Amazon is telling its third-party fulfillment center vendors in Massachusetts that it will hand over their tax information to the Massachusetts Department of Revenue by Friday. Read more »

Anti-Hybrid Statute Gives Broad Authority, Specialists Say

While a provision in the recently enacted U.S. tax reform legislation was relatively narrow in how it defined so-called hybrid entities and transactions, the authority to issue related regulations to curb potential tax avoidance was broad, practitioners said on a webcast Tuesday. Read more »

EU Council Pushes To Reduce Debt Bias Among Tax Policies

The Council of the European Union on Tuesday urged member states to implement measures aimed at curbing the practice of favoring debt financing and to work toward a common consolidated corporate tax base across the bloc. Read more »

3rd Circ. Affirms $10M In Equity Investing Not Deductible

The Third Circuit on Wednesday affirmed a judgment by the U.S. Tax Court that found a taxpayer should have known that $10 million in equity investments he mischaracterized as unrecoverable loans on his tax returns were ineligible tax deductions. Read more »

Haeco Gets Initial OK To Settle Leaked Tax Data Suit

A North Carolina federal judge on Wednesday granted preliminary approval to a proposed settlement between Haeco Americas LLC and its employees who have accused the aircraft maintenance firm of allegedly falling for a phishing scheme and emailing sensitive tax information of at least 3,000 workers to cybercriminals. Read more »

FEDERAL

Conservative Groups Tell Trump To Oppose Gas Tax Increase

Two influential conservative organizations with ties to the Koch brothers called on President Donald Trump on Wednesday to oppose an increase in the federal gas tax as part of an infrastructure bill, in a break with the U.S. Chamber of Commerce. Read more »

Estate Says IRS Too Late In Bid To Collect $9.2M Interest

The father of a deceased man whom the Internal Revenue Service investigated on suspicion of setting up an abusive tax shelter told a California federal court Tuesday that his son’s estate does not owe $9.2 million in interest, on top of more than $30 million already paid in taxes and penalties, saying the agency failed to make its claim when it had the chance. Read more »

Ex-Hotel Exec Cops To Embezzling $13M

A hotel executive admitted Wednesday in New Jersey federal court to embezzling more than $13 million from a New York-based hospitality company where he was the chief operating officer and dodging taxes on $28 million in income, U.S. Attorney Craig Carpenito announced. Read more »

INTERNATIONAL

South Korea Targets Cryptocurrency-Related Financial Crimes

South Korea’s Financial Services Commission announced steps to curb speculation in cryptocurrency trading on Tuesday, focusing on reducing the incidence of exchanges being used for money laundering and tax evasion. Read more »

EXPERT ANALYSIS

Tax Reform's Likely Impact On Domestic M&A

The Tax Cuts and Jobs Act contains several provisions that significantly affect the federal income tax consequences of structures often used in domestic mergers and acquisitions. The act also contains a number of ambiguities, which makes application uncertain, say attorneys with Fox Rothschild LLP. Read more »

Understanding New IRS Rule On Contractor Tax Compliance

The U.S. Treasury Department recently issued an interim rule to improve the Internal Revenue Service’s ability to identify contractors who have delinquent federal tax liabilities. Contractors should review their filing histories and recent returns to make sure they are up-to-date, says Megan Brackney of Kostelanetz & Fink LLP. Read more »

LEGAL INDUSTRY

Analysis

Build Versus Buy: Law Firms Seek Legal Tech Answers

New tools make it easier for law firms to develop their own technology, but many firms are struggling with the question of whether doing so is best for them. Here, the first in a two-part series looking at BigLaw's build versus buy dilemma. Read more »

Goodwin To Offer Most Associates Cravath-Scale Bonuses

Goodwin Procter LLP announced in a memo made public Wednesday that the vast majority of its associates would receive year-end bonuses on par with or exceeding the familiar scale established by Cravath Swaine & Moore LLP, which has remained the standard for several BigLaw firms. Read more »

Bar Exam Prep Co., Blind Students Settle ADA Suit

Bar exam prep company BarBri and three blind law students who had alleged the company failed to provide equal access to parts of its courses in violation of the Americans with Disabilities Act have settled the dispute, according to court documents filed this week. Read more »

Trump's 7th Circ. Pick Advances Without 'Blue Slip'

Senate Democrats on Wednesday bitterly complained about their GOP colleagues' advancement of President Donald Trump’s choice for a Seventh Circuit vacancy, accusing the Senate Judiciary Committee chair of tearing down a tradition that allows minority senators to influence the confirmation process. Read more »

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