Republicans=E2=80=99 tax cut legislation is already producing benefits fo= r the American economy, but to take full advantage of the changes enacted b= y the law, the Internal Revenue Service needs an overhaul and new leadershi= p, a key House Ways and Means Committee staffer said Thursday.

Friday, January 26, 2018

TOP NEWS

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IRS Needs Reform Too, House Tax = Staffer Says

Republicans’ tax cut legislation is already producing benefits = for the American economy, but to take full advantage of the changes enacted= by the law, the Internal Revenue Service needs an overhaul and new leaders= hip, a key House Ways and Means Committee staffer said Thursday. Read more »

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Texas Man Can't Sha= re $26.4M Tax Liability With Ex-Wife

A Texas seller of farm equipment, whom a magistrate judge has found t= o owe the IRS $26.4 million, cannot share the tax burden with his ex-wife a= fter a federal judge ruled Thursday that taxpayers cannot delegate their ta= x duties. Read more »

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Clarifications On Tax R= eform Will Come, Officials Say

The recently enacted U.S. tax legislation has created new baskets of = foreign income that don’t always match up with the mechanics of the c= urrent tax system, and government officials hinted Thursday at upcoming cor= rections and clarifications for the law. Read more »

FEDERAL

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Puerto Rico's New 5-Ye= ar Plan Excludes Debt Payments

The government of Puerto Rico will seemingly lack the funds to pay of= f its choking level of debt over the next five years, according to revised = fiscal plans unveiled late Wednesday predicting a $3.4 billion budget defic= it through fiscal 2022. Read more »

STATE & LOCAL

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Fla. Gov.'s Measure To M= ake Tax Hikes Harder Advances

Florida moved a step closer Thursday toward making it harder to incre= ase state taxes and fees, after the state House passed a joint resolution s= upported by Republican Gov. Rick Scott that could lead to a ballot question= asking Floridians whether tax increases should require a supermajority vot= e of the state Legislature. Read more »

EXPERT ANALYSIS

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Key Components Of T= he 20% Pass-Through Income Deduction

The much discussed 20 percent deduction enacted under the Tax Cuts an= d Jobs Act is not available to all pass-through entities. It is essential t= hat tax advisers are aware of key provisions in the law to know if their cl= ient's choice of business entity is the most tax efficient. Employees may s= ee changes reflected in paychecks as employers adjust withholdings accordin= g to new tax tables, say Douglas Tapp and Daniel Gibson at EisnerAmper LLP. Read more »

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Do I Need New Trial Counsel? = 9 Questions To Ask

Initial selection of defense counsel is usually made at the outset of= litigation, long before it is known whether the case may actually proceed = to trial. Former prosecutors Russell Hayman and Jon Dean, now partners of M= cDermott Will & Emery LLP, discuss questions in-house lawyers should consid= er when deciding whether their litigation counsel should remain lead trial = counsel in a case proceeding to trial. Read more »

LEGAL INDUSTRY

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Analysis

Build Versus Buy: 5= Ways BigLaw Is Tackling Legal Tech

As they look to adopt new technologies, law firms are facing the que= stion of whether to develop tools of their own or buy something already on = the market. Here, the second in a two-part series looking at law firms' "bu= ild versus buy" dilemma. Read more »

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Del. Gov. Backs St= rine's Proposal To Expand Chancery Bench

Delaware Democratic Gov. John Carney on Thursday unveiled a $4.2 bil= lion budget proposal that backs an ambitious proposal from the state Suprem= e Court's Chief Justice Leo E. Strine Jr. to expand the Chancery Court̵= 7;s bench from five to seven judges, recommending that the Legislature appr= ove the two additional jurists and eight new support staff. Read more »

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Litigation Finance Platform Clo= ses $25M Fund

Commercial litigation finance platform LexShares Inc. has closed the= firm's first multiclaim fund, which was capped at $25 million, the company= said Thursday. Read more »

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

DLA Piper LLP and Williams & Connolly LLP clinched the title of = Law360's top legal lions this week when the Seventh Circuit affirmed the di= smissal of more than 1,000 lawsuits against Pfizer Inc., while ex-Dentons a= ssociate Michael Potere landed at the top of the legal lambs list afte= r a judge sentenced him to five months in prison. Read more »

JOBS
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= Tax Associate
Parker and Lynch
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Senior Tax Associate
Burns & Levinson
Boston, Massachusetts

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LAW FIRMS

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COMPANIES

In= ternational Business Machines Corporation

LexShares Inc.

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GOVERNMENT = AGENCIES

Federal Eme= rgency Management Agency

Internal Revenue Servi= ce

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