Monday, February 5, 2018

TOP NEWS

Analysis

For States, New Federal Tax Law Is A Big Problem To Solve

The new federal tax reform law has thrown states for a loop, and Vermont on Friday showed exactly why when it joined other states to switch to federal adjusted gross income from federal taxable income. Read more »

Prevezon Must Pay Out $6M Settlement Despite Asset Freeze

A Russian real estate investing company implicated in a $230 million Russian tax fraud scheme must pony up a $5.9 million settlement with the U.S. government after a New York federal judge on Friday shut down its bid to try to prove that the government had interfered with the release of its frozen debt asset in the Netherlands. Read more »

High Foreign Taxes May Still Trigger GILTI, Panelist Says

The provision in U.S. tax reform legislation aimed at companies earning a large amount of low-taxed intangible income overseas may end up punishing those that pay more than the new 21 percent U.S. corporate rate on their non-U.S. income, a tax practitioner said Friday. Read more »

Taxation With Representation: Fenwick, Morgan, Sidley

In this week’s Taxation With Representation, SAP closed a $2.4 billion deal for Callidus, Dr Pepper Snapple and Keurig merged to create an $11 billion powerhouse and WestRock bought KapStone for $4.9 billion. Read more »

Tax Group Of The Year: Cravath

Cravath Swaine & Moore LLP was thrust into Law360's Practice Groups of the Year following a successful 2017 guiding headline-grabbing, multibillion-dollar transactions such as Anheuser-Busch InBev's $123 billion acquisition of SABMiller and Time Warner Inc.'s pending $108.7 billion sale to AT&T Inc. Read more »

FEDERAL

Tax Law At Stake In Upcoming Elections, Trump Adviser Says

A top Trump administration official on Friday touted the benefits of Republicans’ recently passed tax cut legislation but said the president’s most successful legislative initiative so far is in a precarious position because of this year’s midterm elections. Read more »

WaMu Ordered To Pay $5M Tax Counsel Fee For Ch. 11 Work

The liquidating trust created by the Chapter 11 plan of Washington Mutual Inc. must pay $5 million in contingent fees to its tax counsel after a Delaware bankruptcy judge granted a sanctions request from the counsel Friday. Read more »

STATE & LOCAL

Mass. Appeals Court Upholds $16.6M VAT Claim

The Massachusetts Appeals Court on Friday upheld a trial court decision in favor of a corporation that claimed $16.6 million in value-added tax receivables carried on the balance sheet of a subsidiary that it sold for $1.2 billion. Read more »

INTERNATIONAL

Iran UN Consultant Gets 3 Months For Tax, Sanctions Crimes

A researcher for Iran's mission to the United Nations who copped to tax evasion and sanctions violations was sentenced by a Brooklyn federal judge to three months in prison on Friday after he testified at length to rebut prosecutors' insinuations that he worked for Iranian intelligence. Read more »

PEOPLE

Locke Lord Adds Tax, Transaction Atty From Andrews Kurth

Locke Lord LLP’s tax practice received a boost with the addition of a partner in its Dallas office, as the firm announced Thursday the addition of a former Andrews Kurth Kenyon LLP attorney with significant experience navigating the tax complexities of various transactional, real estate and capital markets matters. Read more »

EXPERT ANALYSIS

What To Expect After Trump's State Of The Union Address

As President Donald Trump emphasized in his recent State of the Union speech, the U.S. economy appears to be strong. Unfortunately, as the Democratic response confirmed, the state of affairs on Capitol Hill is anything but. Jeffrey Turner and David Schnittger of Squire Patton Boggs LLP outline what Congress must do in the next month or so. Read more »

New Partnership Audit Rules Affect Many Family Partnerships

Until recently, if a partnership were audited and the IRS determined that the partnership had underreported its income, the IRS would collect the unpaid income tax from the individual partners. As of Jan. 1, 2018, those rules have changed, says Helen Rogers of Holland & Hart LLP. Read more »

DOJ Limitation On Agency Guidance Levels Playing Field

A new memo from the U.S. Department of Justice prohibiting DOJ litigators from treating any agency guidance document as binding offers needed relief to regulated parties, giving them a greater opportunity to push back against enforcement theories that rely on “clear” guidance regarding an underlying ambiguous or silent statute, say Ronald Tenpas and Gregory Etzel of Morgan Lewis & Bockius LLP. Read more »

About My Paycheck: The Lurking Retaliation Risk

Three unrelated developments make it more likely that employees will question their pay with greater frequency than in the past. Employers should prepare to answer paycheck questions, understanding that these conversations could give rise to Fair Labor Standards Act and state wage and hour retaliation claims, says Mark Stanisz of Duane Morris LLP. Read more »

How To Serve Your Blind Client Effectively

While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP. Read more »

LEGAL INDUSTRY

Analysis

High Court Mulls How Judges Should Read Its Messy Rulings

A case pending before the U.S. Supreme Court is forcing the justices to grapple with how lower courts should view rulings when the justices split 4-1-4 and there is no majority opinion to serve as precedent, a frequent occurrence that often results in a tangle of conflicting decisions. Read more »

Wiley Rein Helps Launch Legal Fund For Trump-Russia Probe

Wiley Rein LLP has been tapped to launch a new fund intended to help cover legal bills related to the Russia probe incurred by anyone who worked on President Donald Trump’s campaign or in his White House. Read more »

Ex-King & Spalding Atty Says Firing Suit Should Go On

A former King & Spalding LLP attorney pressed a New York federal judge Thursday to keep alive his wrongful termination suit, saying enough evidence exists for potential jurors to decide he was let go for making an internal complaint about two partners’ ethical conduct. Read more »

Polsinelli Pair Can't Change Venues For $10M Loan Suit

A bid by two Polsinelli PC attorneys who are former leaders of the defunct Novak Druce intellectual property firm to get a Citibank suit seeking to recoup millions in loans they personally guaranteed thrown out “borders on being frivolous,” a D.C. federal judge said Thursday. Read more »

Legal Sector Drops More Than 1,000 Jobs To Kick Off 2018

After a generally positive employment trend for the legal services sector in 2017, the industry began the new year on a disappointing note with the loss of 1,100 jobs in January, according to a report released Friday by the Bureau of Labor Statistics. Read more »

GC Cheat Sheet: The Hottest Corporate News Of The Week

Amazon, Berkshire Hathaway and JPMorgan Chase announced they will join forces to start an independent health care company, a longtime employment defense attorney launched a new cellphone app that she hopes will provide workers with a safe space to report sexual harassment, and Lyft's general counsel shared with Law360 how she responds to friends who five years ago doubted her decision to join a transportation network company that was part of an unfamiliar industry. These are some of the stories in corporate legal news you may have missed in the past week. Read more »

Podcast

Law360's Pro Say: The REAL Super Bowl - Google v. Uber

On the latest episode of Law360's Pro Say podcast, we discuss Google and Uber's upcoming high stakes trial that could determine the future of self-driving cars, a ruling on the embattled Consumer Financial Protection Bureau, a court "swiping left" over age discrimination on the dating app Tinder, and rapper DMX landing behind bars. Read more »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week. Read more »

Law360's 2018 Editorial Board Selection Survey

Law360 is looking for avid readers of our publications to serve as members on our 2018 editorial advisory boards. Read more »

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